Regulatory Alerts2015-06-24
Deposit Takers (New Zealand Baptist Savings & Development Society Incorporated) Exemption Notice 2015
The Reserve Bank of New Zealand issued this notice to exempt the New Zealand Baptist Savings & Development Society Incorporated from specific related party exposure restrictions under the Non-bank Deposit Takers Act 2013. The exemption applies exclusively to loans secured by church properties where the Baptist Union of New Zealand acts as trustee, a arrangement that reduces credit risk for depositors. This relief was granted because enforcing standard limits would be unduly burdensome and detrimental to the mutual interests of the involved entities, while the exemption remains narrowly tailored to protect financial system stability.
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