The Treasury has released advice to Ministers relating to bank failure policies. The advice was prepared between the start of 2009 and late 2012 and is mainly focused on deposit insurance and the Open Bank Resolution. Some of the material released has been prepared with the Reserve Bank of New Zealand.
The Reserve Bank has also released advice to Ministers and Reserve Bank's internal Financial System Oversight Committee on deposit insurance and alternate resolution options to the Open Bank Resolution. This material is available on the Reserve Bank's information release page.
A high level summary of the Reserve Bank and the Treasury's advice, and the context in which it was provided, is outlined in a short summary note accompanying this information release.
The information provided here will fulfil the Official Information Act requests the Treasury has received in relation to advice to Ministers on deposit insurance and the Open Bank Resolution.
Some information in the documents has been withheld under sections of the Official Information Act. For more details see Information Withheld below. Please note that one document has been withheld in full to avoid prejudicing the entrusting of information to the Government of New Zealand on a basis of confidence by the Government of any other country or any agency of such a Government.
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Key to sections of the Official Information Act 1982 under which information has been withheld.
Certain information in these documents has been withheld under one or more of the following sections of the Official Information Act, as applicable:
- 6(2)(b)(i) - to avoid prejudicing the entrusting of information to the Government of New Zealand on a basis of confidence by the Government of any other country or any agency of such a Government
- 9(2)(a) -to protect the privacy of natural persons, including deceased people
- 9(2)(b)(ii) -to protect the commercial position of the person who supplied the information, or who is the subject of the information
- 9(2)(d) - to avoid prejudice to the substantial economic interests of New Zealand
- 9(2)(f)(iv) - to maintain the current constitutional conventions protecting the confidentiality of advice tendered by ministers and officials
- 9(2)(g)(i) – to maintain the effective conduct of public affairs through the free and frank expressions of opinion
- 9(2)(h) – to maintain legal professional privilege
In some cases information has been withheld because it is out of scope or not relevant to an Official Information Act request.
In preparing this Information Release, the Treasury has considered the public interest considerations in section 9(1) of the Official Information Act.
Contact for Media Enquiries
Angus Barclay | Senior Communications Advisor
Tel: +64 4 890 6146