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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. 

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