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.

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 with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

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].interval) | 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 }}

Markets Market Close

NZ sharemarket: 'more falls than rises'

The S&P/NZX 50 Index closed at 12,801.8, down 7.79 points or 0.06%.

Graham Skellern 6:15pm

Finance

Govt outlines KiwiBank funding plans

NZ institutions being sounded out for $500m.

Ian Llewellyn 4:28pm

Economy

Liquidated Sustainable Foods owed Kānoa $1.4m

Sustainable Foods joins the list of failed Kānoa-backed ventures.

Gregor Thompson 3:00pm

Liquidated Sustainable Foods owed Kānoa $1.4m

Sponsored

Boost worker health, boost results

Research shows flexible workspaces improve health and productivity

Regus

Sponsored

Signs of growth emerging across the commercial property sector

Stabilising interest rates, demand green are shoots for the sector

PMG

More Economy

Economy

Liquidated Sustainable Foods owed Kānoa $1.4m

Sustainable Foods joins the list of failed Kānoa-backed ventures.

Gregor Thompson 3:00pm

Economy

Value of commercial property sales lowest in a decade

The value of New Zealand commercial property has fallen 10% since the 2021 peak, after the sharp interest rate rises and weak economic activity of the past few years, Westpac says.The number of commercial property transactions has also fallen, with the value of sales dropping bel...

Maria Slade 12:40pm