contains a covenant by the bank or building society to keep a record of the amount it owes its account customer by reason of the deposit of money with the bank or building society for the account of its account customer; and

provides that that amount is repayable in whole or in any part upon demand by the account customer; and

does not comprise—

the word “bank”, “banker”, or “banking”; or

any of those words as part of another word; or

a translation of those words into another language (whether or not the translation of those words is part of any other word).

it satisfies one of the specified tests and does not have a credit rating assigned to it by any other specified credit-rating organisation; or

it satisfies the specified test that applies to each of the specified credit-rating organisations that have assigned a credit rating to it.

Standard & Poor’s Ratings Group (or its successors or assigns) rates the credit of the relevant registered bank or registered building society “A−” or higher or, if that credit is short term, “A−1” or higher; or

Moody’s Investors Service, Inc (or its successors or assigns) rates the credit of the relevant registered bank or registered building society “A3” or higher or, if that credit is short term, “Prime−1” or higher.

the bank account comprises debt owed and payable in New Zealand currency; and

except as set out in subclause (2), the credit of the bank satisfies the credit-rating test for registered banks and registered building societies stipulated in regulation 7(1) as if it were a registered bank or a registered building society; and

the laws of the jurisdiction under which the bank operates the bank account do not discriminate between classes of unsecured creditors except upon grounds, and only to the extent, set out in a subordination covenant; and

the central bank of the jurisdiction in which the bank operates the bank account is a shareholder in the Bank for International Settlements.

long-term unsubordinated unsecured foreign currency debt obligations payable in the home jurisdiction of that foreign currency; or

if a bank outside New Zealand does not issue long-term debt as set out in paragraph (a), short-term unsubordinated unsecured foreign currency debt obligations payable in the home jurisdiction of that foreign currency.

it satisfies one of the specified tests and does not have a credit rating assigned to it by any other specified credit-rating organisation; or

it satisfies the specified test that applies to each of the specified credit-rating organisations that have assigned a credit rating to it.

Standard & Poor’s Ratings Group (or its successors or assigns) rates the debt securities to be issued by the relevant registered bank, or other entity, to the relevant Crown entity “A−” or higher or, if those debt securities are short term, “A−1” or higher; or

Moody’s Investors Service, Inc (or its successors or assigns) rates the debt securities to be issued by the relevant registered bank, or other entity, to the relevant Crown entity “A3” or higher or, if those debt securities are short-term, “Prime−1” or higher.

2 months after the registered bank, or other entity, ceases to satisfy the credit-rating test stipulated in regulation 9(1); or

a date specified by the Minister of Finance and notified to the relevant Crown entity in writing.

diligently monitor the credit rating of the debt security; and

take all prudent steps necessary to avoid loss to the Crown entity, including (if necessary) transferring the debt security to a third party.

the Residual Health Management Unit; or

a registered bank or registered building society that satisfies the credit-rating test stipulated in regulation 7(1), provided that the total amount of any loans from those banks or building societies does not exceed the provider arm planned monthly revenue as defined in the New Zealand Health Plan; or

the Energy Efficiency and Conservation Authority .

that is limited to a covenant to perform personally another entity’s non-monetary covenant to perform; or

in respect of any of the contracts or instruments referred to in subclauses (2) and (3).

a loan agreement lawfully entered into by the Crown entity as borrower, or an agreement ancillary to that loan agreement:

a contract to lease, or a lease of, real property entered into by the Crown entity as lessee, tenant, or the assignee of the lessee or tenant:

a contract (including a deed) executed by the Crown entity to settle litigation brought against it by a third party:

a contract of bailment by way of hire executed by the Crown entity in the ordinary course of its operations:

a contract of insurance entered into by the Crown entity as the insured party in the ordinary course of its operations:

a contract for the sale and purchase of goods entered into by the Crown entity in the ordinary course of its operations:

a contract for the procurement of services entered into by the Crown entity in the ordinary course of its operations:

a contract for the purchase of an intangible (including intellectual property or a licence of intellectual property) entered into by the Crown entity in the ordinary course of its operations.

a foreign exchange transaction with a registered bank or registered building society that satisfies the credit-rating test stipulated in regulation 7(1), or a bank outside New Zealand that satisfies the credit-rating test stipulated in regulation 8(1)(b), for the purpose of—

a futures contract having the sole purpose of covering any foreign exchange transaction authorised by this regulation:

a foreign exchange transaction undertaken with a foreign exchange dealer on a cash-for-cash basis:

the sale and purchase of goods or intangibles (including intellectual property rights, but not including securities) that are not traded in the commodities or the capital markets, delivery of which is to occur in the future:

an option to purchase or lease, or renew the lease of, real property:

an option to purchase or bail, or to renew the bailment by way of hire of, goods that are not traded in the commodities markets:

a covenant to assign intellectual property rights, or other property rights, contained in a contract of employment:

a contract to acquire debt securities lawfully entered into in accordance with section 161 of the Act and, if applicable, regulation 9, where delivery must take place in the future.

in a currency other than New Zealand currency; and

authorised by—