First exemption notice for deposit takers

The Reserve Bank announced today that it is exempting certain deposit takers from having a mandatory credit rating, under Part 5D of the Reserve Bank of New Zealand Act 1989.

This exemption is available if the consolidated liabilities of the deposit taker are less than $20 million (measured as an average over a 12-month period).

The exemption notice outlines certain conditions that a deposit taker must comply with in order to benefit from this class exemption. Please note that registered banks are not deposit takers under Part 5D of the Act.

A full copy of the notice can be found on the New Zealand Legislation website.

Details of future exemptions will be available on the Bank's website.

You can access the exemption notice through the following link:
http://www.rbnz.govt.nz/news/2009/3712168.html