Further Update - Queen Elizabeth II Memorial Day Public Holiday – 26 September 2022
20 September 2022
The New Zealand Government has announced a New Zealand public holiday on 26 September 2022 to mark the passing of Her Majesty Queen Elizabeth II.
The Queen Elizabeth II Memorial Day Bill makes clear that 26 September 2022 is to be treated as a public holiday for the purpose of the Holidays Act 2003 and that Standard Public Holiday requirements under the Holidays Act will apply.
Section 8 of the Queen Elizabeth II Memorial Day Bill makes clear that Queen Elizabeth II Memorial Day is not a business day or working day for the purposes of any requirement or obligation in any agreement, deed, notice, or other document where the timing of that requirement or obligation is expressed with reference to a number of business or working days. The Memorial Day is not a business or working day for calculating those timing requirements.
Further to Market Notice 2022/02, published on 15 September 2022, and to provide further clarity, the following New Zealand Financial Markets Association (NZFMA) Financial Markets Members: ANZ Bank New Zealand Limited, ASB Bank Limited, Bank of New Zealand, Kiwibank and Westpac Banking Corporation - NZ Branch confirm that on 26 September 2022 the New Zealand based wholesale markets functions of these organisations will not be generally open for business and that, accordingly, 26 September 2022 will generally not be a good value date for New Zealand Dollar over-the-counter wholesale financial markets transactions, including foreign exchange.
NZFMA reconfirm that the following NZdata reference rates will not be calculated and published on 26 September 2022 - the Queen Elizabeth II Memorial Day Public Holiday:
- Bank Bill Benchmark Rate (BKBM)
- Official Cash Rate (OCR) Compound Index
- New Zealand Dollar Trade Weighted Index (TWI)
- Closing Rates
Please forward this Market Notice to anyone who may have interest in this notification.
Please contact the NZFMA Helpdesk with any questions.
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