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.
More details of the scheme are below [refer Deposit Guarantee Scheme Information Release].