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Deposit Takers Act 2023

Crisis management and resolution - Resolution manager - Appointment of resolution manager

357: Bank may appoint resolution manager

You could also call this:

"The Bank can pick someone to help fix problems if the bank gets into trouble."

Illustration for Deposit Takers Act 2023

The Bank can choose one or more people to be resolution managers. You need to know that the Bank makes this choice by telling the person they are appointed and by publishing a notice in the Gazette. The notice says when the appointment starts.

The Bank can only choose someone who works for them or someone they think is qualified for the job. If a resolution manager's term ends, or they quit, or they die, the Bank can choose someone else to replace them. The Bank can also choose someone to replace a resolution manager who has been removed from their job.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS722532.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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356: Resolution manager must report annually on conduct of resolution, or

"The person in charge must write a yearly report on how they handled problems with banks and other deposit takers."

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358: Bank may appoint itself as resolution manager, or

"The Bank can be in charge of fixing problems with a deposit taker."

Part 7Crisis management and resolution
Resolution manager: Appointment of resolution manager

357Bank may appoint resolution manager

  1. The Bank may appoint 1 or more persons as resolution managers.

  2. The Bank makes an appointment by—

  3. giving notice of the appointment to the person who is appointed; and
    1. publishing the notice in the Gazette.

      1. The notice must state the date on which, and time at which, the appointment takes effect.

      2. A resolution manager must be an employee of the Bank or any other person that the Bank is satisfied is suitably qualified.

      3. Nothing in this subpart prevents the Bank from appointing a person as resolution manager to replace another resolution manager whose term of appointment has expired or who has had their appointment terminated, has resigned, or has died.