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 Crown entities (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.
Dated at Wellington this 27th day of June 2005.
DR MICHAEL CULLEN, Minister of Finance.