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Deposit Takers Act 2023

Depositor compensation scheme - Entitlement to compensation - Payment of entitlements

222: Persons may disclose information to Bank to facilitate payment of compensation

You could also call this:

"Telling the Bank information to help someone get compensation"

Illustration for Deposit Takers Act 2023

You can tell the Bank some information about someone if you think it will help them get compensation. The people who can do this are called disclosers and they can be a licensed deposit taker or someone holding a protected deposit for others. They can share information if they believe it is necessary to work out if the person is eligible for compensation.

You can share information to figure out if someone is eligible for compensation, to calculate how much they should get, or to pay them the compensation. The information you share can be personal, but you must have a good reason to think it is necessary. This is so the Bank can help the person get the compensation they are entitled to.

If you are sharing personal information, you must follow the rules set out in the Privacy Act 2020, especially information privacy principle 11 in section 22.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS721626.

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Part 6Depositor compensation scheme
Entitlement to compensation: Payment of entitlements

222Persons may disclose information to Bank to facilitate payment of compensation

  1. This section applies to the following persons (a discloser):

  2. a licensed deposit taker:
    1. a person that holds a protected deposit under a relevant arrangement for, or on behalf of, 1 or more other persons.

      1. A discloser may disclose any information (including personal information) about a person (A) to the Bank if the discloser believes, on reasonable grounds, that the disclosure of the information is necessary to facilitate 1 or more of the following:

      2. ascertaining whether A is an eligible depositor who is entitled to compensation under this Part:
        1. calculating A’s entitlement to compensation under this Part:
          1. paying the compensation to, or on account of, A.

            1. The discloser may also disclose personal information in accordance with information privacy principle 11 set out in section 22 of the Privacy Act 2020.