Regulatory Alerts2019-11-19
Non-Bank Deposit Takers (Credit Union Baywide) Exemption Notice 2019
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 20% of its capital, overriding the standard 15% limit to facilitate financial support during an acquisition process. This temporary measure, effective from November 2019 to February 2020, ensures the stability of the credit union sector while the transaction arrangements are completed.
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