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Westpac New Zealand Bill (Consistent) [2010] NZBORARp 96 (1 December 2010)

Last Updated: 27 May 2020

Westpac New Zealand Bill

1 December 2010

ATTORNEY-GENERAL LEGAL ADVICE

CONSISTENCY WITH THE NEW ZEALAND BILL OF RIGHTS ACT 1990: WESTPAC NEW ZEALAND BILL

1. We have considered whether the Westpac New Zealand Bill (‘the Bill’), a Private Bill in the name of Craig Foss MP, is consistent with the New Zealand Bill of Rights Act 1990 (‘Bill of Rights Act’). The Bill was introduced into the House of Representatives on 23 November

2010 and is currently awaiting its first reading. We understand that the next Members’ day

is scheduled for Wednesday, 8 December 2010.

2. The Bill provides for the vesting of certain assets and liabilities of Westpac Banking Corporation in Westpac New Zealand, having regard to the Reserve Bank of New Zealand’s local incorporation policy. The Bill also includes provisions to assist the efficient conduct of Westpac New Zealand’s business.

3. Westpac Banking Corporation is registered in New Zealand as an overseas company under the Companies Act 1993 and is also a registered bank under the Reserve Bank of New Zealand Act 1989. Since 2003, the policy of the Reserve Bank of New Zealand has been that systemically important banks should be incorporated in New Zealand. Accordingly, Westpac New Zealand was established and incorporated in New Zealand under the Companies Act

1993. Westpac New Zealand is also a registered bank under the Reserve Bank of New

Zealand Act 1989.

4. Under the Westpac New Zealand Act 2006 and the Westpac New Zealand Proposal Approval

Order 2006, Westpac Banking Corporation’s New Zealand retail banking business was vested in Westpac New Zealand.

5. The local incorporation policy of the Reserve Bank of New Zealand also requires that certain

additional assets and liabilities of Westpac Banking Corporation be vested in Westpac New

Zealand. The Bill achieves this purpose.

6. We have concluded that the Bill appears to be consistent with the rights and freedoms affirmed by the Bill of Rights Act. This advice has been prepared by the Public Law Group and the Office of Legal Counsel.

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 Westpac New Zealand 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. Whilst care has been taken to ensure that this document is an accurate reproduction of the advice provided to the Attorney-General, neither the Ministry of Justice nor the Crown Law Office accepts any liability for any errors or omissions.