Deposit Takers (Banks’ Regulatory Capital) Exemption Notice 2014

RBNZ has granted a class exemption to special purpose vehicles (SPVs) that are established by registered banks and operated for the purpose of raising regulatory capital for the registered bank by:

  • the registered bank issuing regulatory capital instruments to the SPV and then the SPV issuing equivalent debt securities to the public; or
  • the registered bank issuing securities to the SPV and the SPV issuing equivalent regulatory capital instruments to the public in the form of debt securities.

Subject to certain conditions, the SPVs are exempted from various provisions of Part 5D of the Reserve Bank of New Zealand Act 1989, including the requirement to have a credit rating, certain governance requirements, capital ratio requirements and liquidity requirements.

Trustees in respect of certain debt securities of an SPV are also exempted from the associated requirements.

A copy of the Deposit Takers (Banks Regulatory Capital) Exemption Notice 2014 is available here.

Deposit Takers (Charities) Exemption Notice 2014

RBNZ has granted charities that are deposit takers an exemption from certain prudential requirements of the Reserve Bank of New Zealand Act 1989 under theDeposit Takers (Charities) Exemption Notice 2014.

Deposit Takers (Credit Ratings Minimum Threshold) Exemption Amendment Notice 2014

RBNZ has amended the Deposit Takers (Credit Ratings Minimum Threshold) Exemption Notice 2009 to clarify the availability of the exemption to deposit takers that begin operating after, or have been operating for less than 12 months before, the date on which their eligibility for an exemption for the following exemption year is assessed. See the Deposit Takers (Credit Ratings Minimum Threshold) Exemption Amendment Notice 2014 for details.