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Media Statement Canterbury Building Society and Southern Cross Building Society approved for extended Retail Deposit Guarantee Scheme

31 May 2010

The Treasury today approved Canterbury Building Society and Southern Cross Building Society for the extended Retail Deposit Guarantee Scheme.

A copy of the Deed of Guarantee for Canterbury Building Society is available on Approved Institutions.

A copy of the Deed of Guarantee for Southern Cross Building Society is available on Approved Institutions.

The current Retail Deposit Guarantee Scheme ends on 12 October 2010 and the extension scheme starts immediately afterwards. Under the terms of the Crown's guarantee, eligible depositors will be repaid up to a maximum of $250,000 each if the guaranteed institution fails to pay depositors back money that they are owed.

The extension scheme will end on 31 December 2011. Participation in the extension scheme is voluntary.

Further information about extension see Retail Deposit Guarantee Scheme.

ENDS

News media contact:

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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