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.
Media contact:
Anthea Black
External Communications Adviser
04 471
3767, 021 2225225