Regulatory Alerts2020-09-15
Non-bank Deposit Takers (Credit Union Baywide) Exemption Notice (No 2) 2020
The Reserve Bank of New Zealand issued this notice to exempt Credit Union Baywide from specific related party exposure requirements under the Non-bank Deposit Takers Act 2013. The exemption allows Credit Union Baywide to maintain aggregate exposures to Co-op Money NZ up to 25% of its capital, rather than the standard 15% limit, to facilitate financial support during a restructuring process. This temporary measure, effective from September 2020 to May 2021, aims to prevent disruption in the credit union sector while arrangements for Credit Union Baywide to acquire Co-op Money NZ are completed.
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