90Reserve Bank may exercise crisis resolution powers if certain conditions are satisfied

90 Reserve Bank may exercise crisis resolution powers if certain conditions are satisfied

The Reserve Bank may take action in accordance with this Part in relation to a designated entity if any of the following conditions are satisfied in relation to the designated entity:

(a) both:

(i) the designated entity requests the Reserve Bank to take action; and

(ii) the Reserve Bank reasonably believes that an event relating to the designated entity is likely to pose a threat to the ability of the designated entity to continue to provide one or more cash distribution services that are critical to the availability of cash in Australia;

(b) both:

(i) the designated entity contravenes a direction issued under Part 6 by the Reserve Bank; and

(ii) the Reserve Bank reasonably believes that the contravention is likely to pose a threat to the ability of the designated entity to continue to provide one or more cash distribution services that are critical to the availability of cash in Australia;

(c) the designated entity notifies the Reserve Bank that:

(i) the designated entity has ceased, intends to cease or is likely to cease providing one or more cash distribution services that are critical to the availability of cash in Australia; or

(ii) the designated entity is likely to be unable to continue to provide one or more cash distribution services that are critical to the availability of cash in Australia;

(d) the Reserve Bank reasonably believes that the designated entity is likely to be unable to continue to provide one or more cash distribution services that are critical to the availability of cash in Australia;

(e) both:

(i) the designated entity notifies the Reserve Bank, or the Reserve Bank reasonably believes, that the designated entity has reduced, intends to reduce or is likely to reduce the designated entity’s provision of one or more cash distribution services that are critical to the availability of cash in Australia; and

(ii) the Reserve Bank reasonably believes that the reduction has had, will have or is likely to have a material adverse effect on the availability of cash in Australia;

(f) the designated entity notifies the Reserve Bank that the designated entity’s financial viability is at risk or is likely to be at risk;

(g) the Reserve Bank reasonably believes that the designated entity’s financial viability is likely to be at risk;

(h) an external administrator of the designated entity has been appointed;

(i) the designated entity notifies the Reserve Bank that it is considering appointing an external administrator of the designated entity;