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Information release

Step by Step Claims Process for Depositors Retail Deposit Guarantee Scheme

Issue date: 
Friday, 9 July 2010
Status: 
Superseded
Corporate author: 
Disclaimer: The information on this web page is provided for guidance only. The full terms of the relevant deeds signed by institutions approved to participate in the scheme (not the terms of these guidance notes) are the rules that govern all arrangements pertaining to the Crown's guarantee and its obligations to eligible depositors.

For a description of the current repayment process, please read the guidance in the Questions and Answers section: What happens with claims or when an institution defaults?

This information describes the claims process used to repay Mascot Finance eligible depositors.

The process to repay Mascot Finance eligible depositors is not being used for repayment of eligible depositors of other Crown guaranteed institutions that default.

Step by Step Claim Process

  1. A "Notice of Claim" form must be completed and submitted before the claim payment process can be initiated.
  2. As each claim form will require a Statutory Declaration, this form must be signed before either:
    - a Barrister and Solicitor;
    - a Justice of the Peace; or
    - any other person authorised to take a statutory declaration.
  3. To enable us to process your claim quickly, please check that you have fully completed the details requested and attached certified copies of all documents requested on the form.
  4. Please return the claim form and certified copies of supporting documentation to the Treasury.
  5. Acknowledgement of your claim form being received by the Treasury will be sent within 5 working days of receipt to either the email or the postal address that you supply.
  6. Claims will be processed with reference to Mascot Finance’s records of your deposit. If any queries arise during this time, the Treasury will contact you either via telephone, email or by letter using the contact details you supply on the "Notice of Claim" form.
  7. Payment will be made electronically into the bank account nominated by you on your "Notice of Claim" form. If this bank account differs from any details that are held by Mascot Finance, further information may be requested. Alternatively, a payment by cheque can be requested as part of your claim.
  8. A final statement of each payment under the Crown Guarantee will be sent to either the email or the postal address that you supply. This will provide details of the principal and interest paid, and any resident withholding or non-resident withholding tax deducted and paid to the Inland Revenue Department on your behalf.
  9. The time taken to process each claim may vary according to the complexity of the claim.
Last updated: 
Friday, 9 July 2010