Pursuant to section 160 (3) of the Crown Entities Act 2004,
I, The Honourable Dr Michael John Cullen, Minister of Finance, hereby give notice that:
On 27 June 2005, we, The Honourable Dr Michael John Cullen, Minister of Finance, and The Honourable Trevor Colin Mallard, Minister of Education, gave approval, under section 160 (1) (b) for school boards of trustees
(as that term is defined in the Crown Entities Act 2004), to hold debt securities denominated in New Zealand dollars issued by 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.
This notice revokes and replaces the “Notice of Approval Given Pursuant to Section 160 (1) (b) of the Crown
Entities Act 2004” dated the 27th day of June 2005 and published in the New Zealand Gazette, 7 July 2005, No. 105, page 2495, with effect from the date of this notice.
Dated at Wellington this 1st day of August 2005.
DR MICHAEL CULLEN, Minister of Finance.