Formats and related files
At least every five years, the Minister of Finance (Minister) must publish a Statement of Funding Approach (SoFA) for the Depositor Compensation Scheme (DCS), as required by the Deposit Takers Act 2023. The SoFA outlines the estimated costs of the DCS for the ensuing five years and details the funding strategy for these costs to support the objectives of the DCS. This first SoFA covers the five-year period from 2024 to 2029.
Additional background information about the DCS and SoFA is here: Depositor Compensation Scheme and the Treasury’s role
Background information#
The Treasury led two rounds of public consultation (including workshops with deposit takers) and provided advice to the Minister that considered the feedback received, to support the publication of the first SoFA.
Links to key background information to support the development of the SoFA are provided below:
First stage SoFA consultation#
- First Stage Consultation Paper on the Statement of Funding Approach
- Cabinet Paper DEV-23-SUB-0138: Approval to release two Consultation Papers on Funding the Depositor Compensation Scheme
- Cabinet Minute DEV-23-MIN-0138: Funding the Depositor Compensation Scheme: Release of two Consultation Papers
- Summary of Submissions: Statement of Funding Approach - Funding Strategy for the Depositor Compensation Scheme
- Submissions on the Statement of Funding Approach - Funding Strategy for the Depositor Compensation Scheme
Second stage SoFA consultation#
- Second Stage Consultation Paper on the Statement of Funding Approach
- Cabinet Paper CBC-24-SUB-0027: Approval to Release Second Stage Consultation Paper on Funding the Depositor Compensation Scheme
- Cabinet Minute CBC-24-MIN-0027: Approval to Release Second Stage Consultation Paper on Funding the Depositor Compensation Scheme