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Crown Retail Deposit Guarantee Scheme Bill (Consistent) [2009] NZBORARp 51 (25 August 2009)

Last Updated: 28 April 2020

Crown Retail Deposit Guarantee Scheme Bill

25 August 2009

ATTORNEY-GENERAL LEGAL ADVICE

CONSISTENCY WITH THE NEW ZEALAND BILL OF RIGHTS ACT 1990: CROWN RETAIL DEPOSIT GUARANTEE SCHEME BILL

1. We have considered whether the Crown Retail Deposit Guarantee Scheme Bill (PCO

13924/5.0) (the “Bill”) is consistent with the New Zealand Bill of Rights Act 1990 (the “Bill of Rights Act”). We understand the Bill is likely to be considered by the Cabinet Legislation Committee on Thursday, 27 August 2009.

2. The Crown Retail Deposit Guarantee Scheme (“the Scheme”) was established in October

2008 under the Public Finance Act 1989 to maintain depositor confidence in a period of extreme financial market stress during the period between Parliaments. The Bill purports to extend the Scheme on changed terms and conditions until 31 December 2011.

3. Part 2 of the Bill:

• enables the Minister of Finance to set eligibility criteria for the extended period of the

Scheme and give appropriate guarantees up to 31 December 2011

• confirms the Crown’s right to recover money paid under the guarantees

• provides permanent legislative authority for any guarantee payments

• clarifies that the Public Finance Act 1989 is not affected by the Bill, and

• confirms that the giving of guarantees by the Crown under the Bill is lawful.

This advice has been prepared by the Public Law Group and the Office of Legal Counsel. We have concluded that the Bill does not appear to be inconsistent with the rights and freedoms affirmed in the Bill of Rights Act.

Jeff Orr

Chief Legal Counsel

Office of Legal Counsel

In addition to the general disclaimer for all documents on this website, please note the following: This advice was prepared to assist the Attorney-General to determine whether a report should be made to Parliament under s 7 of the New Zealand Bill of Rights Act 1990 in relation to the Crown Retail Deposit Guarantee Scheme Bill. It should not be used or acted upon for any other purpose. The advice does no more than assess whether the Bill complies with the minimum guarantees contained in the New Zealand Bill of Rights Act. The release

of this advice should not be taken to indicate that the Attorney-General agrees with all aspects of it, nor does its release constitute a general waiver of legal professional privilege in respect of this or any other matter.