Retail Deposit Guarantee SchemeGuarantees
Page updated 11 Mar 2010
Information on the Crown guarantee of retail deposits held in approved institutions (banks, non-bank deposit-taking entities and collective investment schemes) and details of approved institutions whose participation in the scheme has been announced.
The Treasury and Reserve Bank announced on 22 October 2008 Amendments to the Crown Retail Deposit Guarantee Scheme and the Treasury has published related Questions and Answers and Policy Guidelines.
The government announced on 25 August 2009 that it will extend the Retail Deposit Guarantee Scheme to 31 December 2011 and change some of its terms and conditions. The current scheme ends on 12 October 2010. See Extension after 12 October 2010.
MARAC Finance Limited approved for extended Retail Deposit Guarantee Scheme
The Treasury approved MARAC Finance Limited for the extended Retail Deposit Guarantee Scheme on 11 March 2010.
A copy of the Deed of Guarantee is available at Approved Institutions - MARAC Finance Limited.
Revised Guarantee Deeds
The Treasury announced on 18 November 2009 that it will make the Retail Deposit Guarantee Scheme more flexible by withdrawing existing deeds and replacing them with revised guarantee deeds for the current scheme. The replacement deeds take effect from 1 January 2010. Questions and Answers for depositors and investors have been updated.
See the related media statements:
- Six institutions opt out of Retail Deposit Guarantee Scheme (24 December 2009)
- Retail Deposit Guarantee Scheme deeds replaced (18 December 2009)
- Flexibility Being Introduced to Retail Deposit Guarantee Scheme (18 November 2009)
Notice of Nomination - Executors/Administrators of Deceased Estates
The Crown has issued a written notice that nominates executors or administrators of a deceased estate who would not otherwise be a Creditor as a "Nominated Beneficiary" for the purposes of each current Crown Deed of Guarantee, where the criteria set out in the notice of nomination are met.
Strata Finance Limited
Strata Finance Limited failed to pay one of its depositors on the maturity date of that deposit (16 April 2009). That constituted a default event under the Crown Deed of Guarantee between the Crown and Strata Finance Limited. The Trustee for Strata Finance Limited subsequently determined on 23 April 2009 that all deposits with Strata Finance Limited were immediately due and payable. This has the following implications for depositors:
- Eligible depositors may make a claim under the Crown Guarantee by completing a notice of claim form. In view of the small number of Strata Finance investors, the Treasury will not be posting a notice of claim form on its website. Eligible depositors can contact the Treasury to obtain a notice of claim form and/or for further information about the claims process by contacting strata.dgsclaims@treasury.govt.nz or (04) 917 6215.
- The Crown Guarantee shall not cover any new deposits or the roll-over of existing deposits after 16 April 2009 (the date on which the first default event occurred under the Crown Guarantee).
See the media statement by the Treasury: Strata Finance customers covered by deposit guarantee scheme (24 April 2009).
Viaduct Capital Limited
See the media statement by the Treasury: Crown withdraws guarantee from Viaduct Capital Limited (20 April 2009).
Mascot Finance Limited
Mascot Finance Limited was placed under receivership on 2 March 2009. It is the first financial institution approved under the deposit guarantee scheme to have triggered the guarantee since the scheme was established in October 2008. The Treasury has published information about the Claims Process for depositors under the Retail Deposit Guarantee Scheme, including the notice of claim forms for individuals, corporate claimants, single trustees and multiple trustees who are depositors with Mascot Finance Limited.
Applications by Institutions
Institutions potentially eligible can access application documents for banks and non-bank deposit takers and for collective investment schemes on this page. Additional information may be required by the Crown in relation to any application.
Approved Institutions
See the List of Approved Institutions for an alphabetical list of ALL institutions that are participating, or have particpated, in the scheme and access to documents relating to their participation in the scheme.
Latest Approvals
The latest approvals were announced on 11 March 2010: MARAC Finance Limited.
Documents
| Doc. Date | Created by | Title | Download |
|---|---|---|---|
| 5 Mar 2010 | The Treasury | Unit Trust - Final Specimen - First Deed of Amendment to Crown Deed of Nomination Released 5 March 2010 |
ut-am-1deed-nom.pdf (141 KB) |
| 5 Mar 2010 | The Treasury | Unit Trust - Final Specimen - Second Deed of Amendment to Crown Deed of Nomination Released 5 March 2010 |
ut-am-2deed-nom.pdf (133 KB) |
| 5 Mar 2010 | The Treasury | Group Investment Fund - Final Specimen - First Deed of Amendment to Crown Deed of Nomination Released 5 March 2010 |
gif-am-1deed-nom.pdf (139 KB) |
| 5 Mar 2010 | The Treasury | Group Investment Fund - Final Specimen - Second Deed of Amendment to Crown Deed of Nomination Released 5 March 2010 |
gif-am-2deed-nom.pdf (130 KB) |
| 24 Dec 2009 | The Treasury | Media Statement: Six institutions opt out of Retail Deposit Guarantee Scheme Released 24 December 2009. |
Not available in Adobe PDF format. |
| 18 Dec 2009 | The Treasury | Media Statement: Retail Deposit Guarantee Scheme deeds replaced Released 18 December 2009. |
Not available in Adobe PDF format. |
| 18 Nov 2009 | The Treasury | Media Statement: Flexibility Being Introduced to Retail Deposit Guarantee Scheme Released 18 November 2009. |
Not available in Adobe PDF format. |
| 18 Nov 2009 | The Treasury | Unit Trust - Final Specimen - Deed of Amendment to Crown Deed of Nomination Released 18 November 2009 and withdrawn from website as has been superseded as at 5 March 2010. See Unit Trust - Final Specimens - First and Second Deeds of Amendment to Crown Deed of Nomination above. |
|
| 18 Nov 2009 | The Treasury | Unit Trust - Final Specimen - Schedule to Deed of Amendment to Crown Deed of Nomination Released 18 November 2009 and withdrawn from website as has been superseded as at 5 March 2010. See Unit Trust - Final Specimens - First and Second Deeds of Amendment to Crown Deed of Nomination above. |
|
| 18 Nov 2009 | The Treasury | Group Investment Fund - Final Specimen - Deed of Amendment to Crown Deed of Nomination Released 18 November 2009 and withdrawn from website as has been superseded as at 5 March 2010. See Group Investment Fund - Final Specimens - First and Second Deeds of Amendment to Crown Deed of Nomination above. |
|
| 18 Nov 2009 | The Treasury | Group Investment Fund - Final Specimen - Schedule to Deed of Amendment to Crown Deed of Nomination Released 18 November 2009 and withdrawn from website as has been superseded as at 5 March 2010. See Group Investment Fund - Final Specimens - First and Second Deeds of Amendment to Crown Deed of Nomination above. |
|
| 16 Nov 2009 | The Treasury | Registered Bank - Final Specimen - Revised Crown Deed of Guarantee Released 16 November 2009, updated versions released 19 November 2009 and 5 March 2010. |
bank-r-deed-guar-v3.pdf (169 KB) |
| 16 Nov 2009 | The Treasury | Building Society/Credit Union - Final Specimen - Revised Crown Deed of Guarantee Released 16 November 2009, updated versions released 24 November 2009 and 5 March 2010. |
bscu-r-deed-guar-v3.pdf (219 KB) |
| 16 Nov 2009 | The Treasury | Non-Bank Deposit Taker - Final Specimen - Revised Crown Deed of Guarantee Released 16 November 2009, updated version released 24 November 2009. |
nbdt-r-deed-guar-v2.pdf (286 KB) |
| 14 Oct 2009 | The Treasury | Notice of Nomination – Executors/Administrators of Deceased Estates Released 21 October 2009. This written notice nominates executors or administrators of a deceased estate who would not otherwise be a Creditor as a "Nominated Beneficiary" for the purposes of each current Crown Deed of Guarantee, where the criteria set out in the notice of nomination are met. |
dg-nom-decest-14oct09.pdf (48 KB) |
| 23 Mar 2009 | The Treasury | Notice of Claim Form - Multiple Trustees Claimants - Crown Guarantee - Mascot Finance Limited Released 23 Mar 2009. This Notice of Claim form is for multiple trustees claimants making a claim under the Crown Deed of Guarantee with Mascot Finance Limited. |
dgs-notice-mascot-m-trustees.pdf (59 KB) |
| 19 Mar 2009 | The Treasury | Notice of Claim Form - Trustee Claimant - Crown Guarantee - Mascot Finance Limited Released 19 Mar 2009. This Notice of Claim form is for single trustee claimants making a claim under the Crown Deed of Guarantee with Mascot Finance Limited. |
dgs-notice-mascot-trustee.pdf (73 KB) |
| 19 Mar 2009 | The Treasury | Notice of Claim Form - Corporate Claimant - Version 2 - Crown Guarantee - Mascot Finance Limited Released 13 Mar 2009. Updated 19 Mar 2008. This Notice of Claim form is for corporate claimants making a claim under the Crown Deed of Guarantee with Mascot Finance Limited. |
dgs-notice-mascot-corp-v2.pdf (50 KB) |
| 19 Mar 2009 | The Treasury | Notice of Claim Form - Individual Claimant - Version 2 - Crown Guarantee - Mascot Finance Limited Released 5 Mar 2009. Updated 19 Mar 2009. This Notice of Claim form is for individuals making a claim under the Crown Deed of Guarantee with Mascot Finance Limited. See also the Additional Joint Holders Schedule to Notice of Claim Form below which is also to be completed when there are investments held under more than one individual's name. |
dgs-notice-mascot-ind-v4.pdf (53 KB) |
| 19 Mar 2009 | The Treasury | Additional Joint Holders Schedule to Notice of Claim Form - Individual Claimant - Crown Guarantee - Mascot Finance Limited Released 19 Mar 2009. This Schedule to the Notice of Claim form for individuals making a claim under the Crown Deed of Guarantee with Mascot Finance Limited is to be completed when there are investments held under more than one individual's name. |
dgs-notice-mascot-ind-sch.pdf (53 KB) |
| 5 Mar 2008 | The Treasury | Step by Step Claims Process for Depositors - Retail Deposit Guarantee Scheme Released 2 March 2009. Updated 5 Mar 2009. |
dgs-claims-step-v2.pdf (23 KB) |
| 2 Mar 2009 | The Treasury | Media Statement: Mascot Finance customers covered by deposit guarantee scheme Released 2 March 2009. |
Not available in Adobe PDF format. |
| 2 Mar 2008 | The Treasury | Claims Frequently Asked Questions (FAQs) - Retail Deposit Guarantee Scheme Released 2 March 2009. |
dgs-claims-faqs.pdf (15 KB) |
| 10 Dec 2008 | The Treasury | Unit Trust (Collective Investment Scheme) – Final Specimen – Crown Deed of Nomination Released 10 December 2008. This document is a version of the CIS Deed of Nomination specifically tailored for Collective Investment Schemes which are Unit Trusts. |
ut-deed-nom-v1.pdf (20 KB) |
| 2 Dec 2008 | The Treasury | Information Release - Crown Retail Deposit Guarantee Scheme and Wholesale Funding Guarantee Facility Documents relating to the development of government policy on the retail deposit guarantee scheme and the wholesale funding guarantee facility. |
|
| 24 Nov 2008 | The Treasury | Cash CIS (Collective Investment Scheme) - Final Specimen - Crown Deed of Nomination Released on 5 November 2008. Updated 14 November 2008 with amendments to definition of Capped Amount and to clause 3. Updated on 24 November 2008 with clarifying amendments to clause 7.1(a) and 7.2. |
cis-deed-nom-v3.pdf (89 KB) |
| 11 Nov 2008 | The Treasury | Guidelines Relating to the Provision of Crown Consent under Clause 6.2 of the Crown Deed of Guarantee (Building Society/Credit Union and Non-Bank Deposit Taker) and Specimen Directors' Certificate Released 11 November 2008. Updated 22 December 2008 to include specimen directors' certificate. |
crown-deed-bscu-guide-v2.pdf(41 KB) |
| 7 Nov 2008 | The Treasury | Information Required in Application Relating to Crown Nomination Deed (Cash CIS) Released 5 November 2008. Updated 7 November 2008. Additional information may be required by the Crown in relation to any application.Collective Investment Schemes that have already applied do not need to re-apply but additional information may be requested. |
cis-nom-appform-v2.pdf (20 KB) |
| 5 Nov 2008 | The Treasury | Information Required in Application for Crown Guarantee: Banks and Non-Bank Deposit Takers Updated 14 October 2008 to include a request for relevant trust deeds. Additional information may be required by the Crown in relation to any application. |
crown-guar-appform-v3.pdf (17 KB) |
| 18 Sep 2009 | The Treasury | Policy Guidelines - Collective Investment Scheme - Crown Retail Deposit Guarantee Scheme Released on 4 November 2008, updated 18 September 2009, relocated on this site 11 February 2010. The Minister of Finance has approved Policy Guidelines for officials to use when assessing applications by Collective Investment Schemes for the Crown Deposit Guarantee Scheme. The Policy Guidelines set out what types of institutions will be eligible for the guarantee and what criteria and other factors may be considered by officials when assessing an application. The list of factors which may be considered by officials is non-exhaustive and officials may consider any other factors if they are relevant. Officials will assess each application on an individual basis. |
dg-policyguid-cis-sep09.pdf (17 KB) |
| 30 Oct 2008 | The Treasury | Building Society/Credit Union - Final Specimen - Crown Deed of Guarantee Note that further covenants may be required by the Crown. Released 30 October 2008. |
bscu-deed-guar-v1.pdf (140 KB) |
| 30 Oct 2008 | The Treasury | Registered Bank - Final Specimen - Crown Deed of Guarantee Note that further covenants may be required by the Crown. Amended 30 October 2008 to change reference Income Tax Act 2004 to Income tax Act 2007 in the definition of 'financial instiution'. |
bank-deed-guar-v4.pdf (123 KB) |
| 30 Oct 2008 | The Treasury | Non-Bank Deposit Taker - Final Specimen - Crown Deed of Guarantee Note: This specimen deed has been prepared for NZ-incorporated companies. Further covenants may be required by the Crown and the Crown reserves the right to require modifications for other entities (such as credit unions and building societies) to reflect, for example, their different forms and applicable regulatory regimes. Amended 30 October 2008 to change reference Income Tax Act 2004 to Income tax Act 2007 in the definition of 'financial instiution'. |
nbdt-deed-guar-v4.pdf (133 KB) |
| 22 Oct 2008 | The Treasury & Reserve Bank | Media Statement: Amendments to the Crown Retail Deposit Guarantee Scheme Released 22 October 2008. |
Not available in Adobe PDF format. |
| 22 Oct 2008 | The Treasury | Questions and Answers: Retail Deposit Guarantee Scheme The questions and answers are being regularly updated on this website (they were formerly hosted by the Reserve Bank). |
|
| 18 Sep 2009 | The Treasury |
Policy Guidelines - Crown Retail Deposit Guarantee Scheme |
dg-policyguid-sep09.pdf (17 KB) |
| 15 Oct 2008 | The Treasury & Reserve Bank | Media Statement: Further Details of Deposit Guarantee Scheme Announced Released 15 October 2008. |
Not available in Adobe PDF format. |
| 12 Oct 2008 | The Treasury & Reserve Bank | Media Statement: RBNZ and Treasury Release Detail of Deposit Guarantee Scheme Released 12 October 2008. |
Not available in Adobe PDF format. |
| 12 Oct 2008 | The Treasury | Aide Memoire - Operational Details: New Zealand Deposit Guarantee Scheme Released 13 October 2008. |
am-dep-guar-12oct08.pdf (13 KB) |
| 12 Oct 2008 | Minister of Finance | Deposit Guarantee Scheme Introduced Media statement by Hon Dr Michael Cullen, Minister of Finance released 12 October 2008. |
Available on the Beehive website. |