On and from 25 June 2005, being the expiry date of the grace period set out under section 195 of the Crown Entities Act 2004, take notice that I, The Honourable Dr Michael John Cullen, Minister of Finance, pursuant to section 158 (1) (b) of the Crown Entities Act 2004, hereby approve Crown entities (as that term is defined in the Crown Entities Act 2004) to establish, maintain and operate bank accounts at TSB Bank Limited on the condition that:
(a) TSB Bank Limited’s credit rating by Standard
& Poor’s does not fall below the existing level
of “BBB–” or be “BBB–” and become subject to credit watch with negative implications; and
(b) TSB Bank Limited complies with its conditions of registration imposed under section 74 of the Reserve Bank of New Zealand Act 1989.
Dated at Wellington this 27th day of June 2005.
DR MICHAEL CULLEN, Minister of Finance.