RBNZ and Treasury release detail of deposit guarantee scheme

Release date
12 October 2008

Disclaimer:
The Deed of Guarantee is in draft and the terms subject to change up to the point of signing.
The information posted as Question and Answers are provided for general guidance only and cannot be relied on as definitive. In particular please note that the final terms of the Deed will prevail to govern any guarantee arrangement.
The information posted as Questions and Answers are subject to ongoing clarification, addition and amendment. The Reserve Bank's general disclaimer also applies to information on this page

The Minister of Finance announced today that the Government has introduced an opt-in deposit guarantee scheme.  The scheme covers deposits for New Zealand-registered banks and eligible non-bank deposit-takers (including banking societies, credit unions and finance companies).

As noted in his statement, the Reserve Bank and the Treasury are now releasing more detail about the scheme.

"The purpose of the scheme is to assure New Zealand depositors that they can be assured their deposits are quite safe and the New Zealand financial system is sound," said Reserve Bank Governor Dr Alan Bollard, and Acting Secretary to The Treasury, Dr Peter Bushnell.

For information about the deposit guarantee scheme and for all enquires visit the Treasury website.

Contact:

Mike Hannah
Reserve Bank
Head of Communications, 021 497418, mike.hannah@rbnz.govt.nz

Chris Major
Treasury
Communications Manager, 029 917 6127, Chris.major@treasury.govt.nz