NZCU Baywide is awarded NBDT Licence

NZCU Baywide is awarded NBDT Licence

NZCU Baywide, one of the largest credit unions in the country, has been awarded a Non-Bank Deposit Taker (NBDT) licence by the Reserve Bank of New Zealand.

“The NBDT licence provides peace of mind to our customers knowing we have undergone a very stringent review process by the Reserve Bank and they can continue to receive the high level of service and support that our credit union provides for members every day,” said NZCU Baywide Chief Financial Officer Chris Fenwick

The Non-bank Deposit Takers Act 2013, which became effective on 1 May 2014, requires every NBDT to be licensed by the Reserve Bank by 1 May 2015. The purposes of the Act are to promote the maintenance of a sound and efficient financial system and to avoid significant damage to the financial system that could result from the failure of an NBDT.

Hard work by NZCU Baywide staff has resulted in the local credit union being awarded the licence by meeting all the regulatory requirements under the new legislation.

“As part of the licencing process, the Reserve Bank assessed our ability to comply with the requirements of the NBDT Act and also assessed the suitability of directors and senior officers. We have met all of those regulatory requirements,” adds Mr Fenwick.

For further information on the NBDT licence please visit www.rbnz.govt.nz

ENDS

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