Regulatory Alerts2015-10-29
Deposit Takers (Nelson Building Society) Exemption Amendment Notice 2015
The Reserve Bank of New Zealand issued this notice to extend the exemption for Nelson Building Society under the Non-bank Deposit Takers Act 2013 until 1 November 2025. The amendment allows Nelson Building Society to classify preference shares as up to 50% of its capital for ratio calculations, rather than the standard 25% limit for non-qualifying mutuals. The Bank determined this extension remains appropriate as restricting the society to the lower limit would be unduly burdensome and the exemption does not prejudice financial system soundness.
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