RBNZ spells out consolidated liabilities' calculation 07 August 2009 4:24PM Sophia Rodrigues Small, non-bank deposit taking entities in New Zealand won't have to have a credit rating under exemptions introduced by the Reserve Bank of New Zealand. The RBNZ set NZ$20 million as the threshold for a credit rating.Small deposit takers became subject to RBNZ oversight in the last year.A deposit taker's consolidated liabilities will be calculated as an average over a 12-month period of the consolidated liability at the end of each of those months. The RBNZ has stated this in its notice of exemption to non-bank deposit takers who don't need to have a credit rating from one of the three approved rating agencies if their consolidated liabilities is below NZ$20 million. The exemption is one of the two the central bank has been working on with respect to policy decisions on non-bank deposit takers. The other exemption, which the RBNZ has yet to notify, will determine the acceptable alternative governing body that can sign off the risk management program of a deposit taker that does not have a trust deed or trustee. Among other conditions, a deposit taker has to make a disclosure in every offer of its debt securities that it is not rated because it is exempt from the requirement to have a credit rating.