It provides a significantly higher degree of certainty over the balance sheet of a bank in New Zealand, enabling a statutory manager to assume control of a failed or distressed bank with greater certainty over legal jurisdiction than would be the case with a branch.
A definition of this type would usually include, among others, Thailand, Indonesia, Malaysia, Philippines, Korea and the Czech Republic in 1997, Mexico in 1994, the United Kingdom and Italy in 1992, and Australia in 1985. I could add a much bigger list if I wanted to, but the above selection is sufficient to illustrate the points I want to make.