Wholesale funding guarantee to end on 30 April

The Government has announced that it will close New Zealand's wholesale funding guarantee on 30 April 2010.

The wholesale funding guarantee facility was set up in November 2008 to help banks access funding during the liquidity crisis.

The wholesale guarantee facility is separate from the retail deposit guarantee scheme. No changes are planned for the retail deposit scheme beyond those announced last year, which take effect from 13 October 2010.

Read the Minister of Finance’s media statement on the Beehive website: Wholesale funding guarantee to end on 30 April  (10 March 2010).

ENDS