Annex 1: Coverage of Institutions
The current DGS has covered the majority of the financial institutions in New Zealand, by asset size[6]. Namely:
- 50% to 60% of the finance company sector. Most of those not included are either in moratorium or receivership;
- More than 95% of the credit unions;
- More than 95% the building societies; and
- 85% to 90% of the banks.
The current DGS guarantees $128 billion of New Zealand deposits with approximately 93% in banks, and 7% in non-bank deposit taking institutions (NBDTs)[7] and Collective Investment Schemes (CISs) (see Table 2).
| Type of institution |
Entities in scheme (number) |
Guaranteed deposits ($billion) |
Guaranteed depositors (number) |
|---|---|---|---|
| Bank | 12 | [Withheld - commercially sensitive] | [Withheld - commercially sensitive] |
| Finance company | 27 | [Withheld - commercially sensitive] | [Withheld - commercially sensitive] |
| Credit union | 20 | [Withheld - commercially sensitive] | [Withheld - commercially sensitive] |
| Building society and PSIS | 8 | [Withheld - commercially sensitive] | [Withheld - commercially sensitive] |
| PIEs (stand alone) | 1 | [Withheld - commercially sensitive] | [Withheld - commercially sensitive] |
| Total | 68 | $127.4 | [Withheld - commercially sensitive] |
