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Advisory Note: Change of Sovereign and its impact on New Zealand Export Credit

Issue date: 
Tuesday, 13 September 2022

In light of the passing of Her Majesty Queen Elizabeth II, New Zealand Export Credit (NZEC) wishes to note that:

  •  On the death of Queen Elizabeth II, Prince Charles automatically became the King of New Zealand and all of the functions, duties, powers, authorities, rights, privileges, and dignities belonging to the Crown transferred to the new King.
     
  •  While legal documentation relating to NZEC’s indemnities, guarantees and other contractual arrangements is currently issued in the name of “Her Majesty the Queen in Right of New Zealand,” by law this reference includes her heirs and successors.  Accordingly, NZEC policyholders continue to hold indemnities and guarantees issued by the Sovereign in Right of New Zealand. 
     
  •  NZEC will now issue documentation in the name of “The Sovereign in Right of New Zealand”.
     
Last updated: 
Tuesday, 13 September 2022