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Media StatementRBNZ and Treasury Release Detail of Deposit Guarantee Scheme

12 October 2008

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].

For more information contact:

Mike Hannah | Head of Communications, Reserve Bank
Mob: +64 (0)21 497 418
Email: mike.hannah@rbnz.govt.nz

 

[Angus Barclay | Senior Communications Advisor]
[Tel: +64 4 917 6146]
[Mob: +64 (0)27 337 1102]
[Email: angus.barclay@treasury.govt.nz]
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