New deposit insurance scheme takes shape

Deposits of up to $100,000 will be protected. (Image: Depositphotos)

Mon, 31 Jul 2023

The Treasury and the Reserve Bank of New Zealand have opened consultation on different aspects of how the new bank deposit guarantee scheme will be funded.The Deposit Takers Act 2023 introduced a new Depositor Compensation Scheme (DCS) after it received royal assent on July 6. Deposit takers include banks, credit unions, building societies and finance companies.The scheme is expected to be in place in late 2024 and will compensate up to $100,000 for each depositor per licensed deposit taker in the event a deposit taker fails.Around 93...

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