Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698752465328.pdf (New Zealand)
2010/313 Deposit Takers (Funding Conduits) Exemption Amendment Notice (No 2) 2010 Pursuant to section 157G of the Reserve Bank of New Zealand Act 1989, the Reserve Bank of New Zealand gives the following notice (to which is appended a statement of reasons of the Bank).
Contents Title Commencement Principal notice amended Expiry New clause 10A inserted 10A Temporary exemption from requirement to have current credit rating Further temporary exemption from requirement to have current credit rating Page 1 1 2 2 2 2 2 Notice Title This notice is the Deposit Takers (Funding Conduits) Exemp- tion Amendment Notice (No 2) 2010.

Commencement This notice comes into force on the day after the date of its notification in the Gazette.
1 cl 3 Deposit Takers (Funding Conduits) Exemption Amendment Notice (No 2) 2010 2010/313 3 4 5 Principal notice amended This notice amends the Deposit Takers (Funding Conduits) Exemption Notice 2010.

Expiry Clause 3 is amended by omitting “clause 10(2)” and substitut- ing “clause 10A(2)”.

New clause 10A inserted The following clause is inserted after clause 10: “10A Temporary exemption from requirement to have current credit rating “(1) Works Finance (NZ) Limited is exempted from section 157I of the Act.
“(2) This clause expires on the close of 31 March 2011.” 6 Further temporary exemption from requirement to have current credit rating Clause 11(2) is amended by omitting “31 December 2010” and substituting “31 March 2011”.

Dated at Wellington this 9th day of September 2010.

Grant Spencer, Deputy Governor.


Statement of reasons This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Deposit Takers (Funding Con- duits) Exemption Notice 2010 (the principal notice).

The principal notice exempts the deposit takers listed in the Schedule of that no- tice (specified funding conduits) from sections 157I and 157M of the Reserve Bank of New Zealand Act 1989 (the Act).
The exemp- tions are subject to conditions (including, in respect of the exemption 2 2010/313 Deposit Takers (Funding Conduits) Exemption Amendment Notice (No 2) 2010 Statement of reasons from section 157I of the Act, the condition that the specified parent named in the Schedule of the principal notice for the specified fund- ing conduit must have a current credit rating by an approved rating agency that complies with requirements prescribed by regulations).
However, clause 11 temporarily exempts the specified funding con- duit GPG Finance plc from section 157I of the Act unconditionally until 31 December 2010.

Clause 10, which granted temporary un- conditional exemptions from section 157I to 2 other specified fund- ing conduits, Works Finance (NZ) Limited and Fletcher Building Fi- nance Limited, expired on 1 September 2010.
The amendments— • extend, until 31 March 2011, the temporary unconditional ex- emption from section 157I of the Act granted to GPG Finance plc: grant, until 31 March 2011, a further temporary unconditional exemption from section 157I of the Act to Works Finance (NZ) Limited.
• The Reserve Bank of New Zealand, after taking into account the prin- ciples set out in section 157F of the Act and satisfying itself as to the matters set out in section 157G(2), considers it appropriate to ex- tend the exemption granted to GPG Finance plc and to grant a fur- ther temporary exemption to Works Finance (NZ) Limited because the specified parent of each is an overseas incorporated entity and, as such, neither entity is able to obtain a local currency (New Zealand dollar), long-term, issuer rating in order to comply with the require- ments currently prescribed for credit ratings by the Deposit Takers (Credit Ratings, Capital Ratios, and Related Party Exposures) Regu- lations 2010.
The temporary unconditional exemption from section 157I of the Act is granted to both of these entities until 31 March 2011 to allow time for this issue to be addressed.

Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 16 September 2010.

This notice is administered by the Reserve Bank of New Zealand.

12 Wellington, New Zealand: Published under the authority of the New Zealand Government—2010 3