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Deposit Takers Act 2023

Miscellaneous - Regulations

458: Bank’s advice about regulations relating to overseas currencies

You could also call this:

"Bank's advice on overseas money rules must include key information"

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When the Bank gives advice about rules for money from other countries, it must include some important information. You will get to know how many New Zealanders are investing in debt securities that are not protected just because they are in a different currency. The Bank must also give advice on whether these investments could affect the whole financial system in a big way, according to what the Bank said under section 455(3).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS820310.

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Part 8Miscellaneous
Regulations

458Bank’s advice about regulations relating to overseas currencies

  1. The Bank’s advice under section 455(3) in relation to regulations under section 455(1)(c) must include—

  2. the Bank’s estimate of the extent to which New Zealanders are investing in debt securities that are not protected deposits solely because they are denominated in a currency other than New Zealand currency; and
    1. advice on whether those investments may have a material effect on the stability of the financial system.