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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Technology Best of BD Reviews

Best of BusinessDesk: Top tech reviews from 2025

Two keyboards, a TV glow-up and some vacuums.

Jacques Steenkamp 5:00am

World

Greenland or NATO? Trump can’t have both

It isn’t for sale, and the consequences of a military takeover would be dire.

The Wall Street Journal 5:00am

Greenland or NATO? Trump can’t have both

Cars Opinion

Tesla’s greatest threat is being boring

The biggest threat may not be flaming out spectacularly.

Bloomberg 5:00am

Sponsored

Generative AI will disrupt 90% of jobs - what it means for the future of work

Here’s what that means for the future of work in New Zealand.

Cognizant

Sponsored

AI is only as good as its data foundation

NZ leaders explain why clean, connected data drives AI value.

Cognizant

More Economy

Economy

Manufacturing activity hits four-year high in December

December's activity for New Zealand’s manufacturing sector hit a four-year high.The seasonally adjusted BNZ – BusinessNZ Performance of Manufacturing Index (PMI) for December was 56.1 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 th...

Rebecca Howard 16 Jan 2026