Submission on the Deposit Takers Bill
12 Dec 2022
We made a submission on the Deposit Takers Bill, which was introduced into Parliament on 22 September 2022. The Bill is now before Parliament’s Finance and Expenditure Select Committee, who called for public input by 10 November.
The law introduces a depositor compensation scheme and brings banks and non-banks together under a single regulatory framework.
This has implications for Payments NZ in terms of aspects of our rules, including access requirements for financial institutions who wish to become Participants of our clearing systems, and the management of financial problems that may be encountered by a Participant which is dependent on resolution powers exercised by the Reserve Bank of NZ – Te Pūtea Matua.
You can now download our submission below.