Deposit guarantee bill passes into law

The Reserve Bank is to watch over a new deposit guarantee scheme. (Image: Getty)

Thu, 29 Jun 2023

Parliament has passed legislation setting up a bank deposit guarantee scheme.The Deposit Takers Bill sets up a scheme to guarantee deposits of up to $100,000 in any eligible institution if that institution fails.Licensed deposit-taking institutions include banks, credit unions, building societies, and retail deposit-taking finance companies that are eligible to be licensed deposit takers.Finance minister Grant Robertson said the Reserve Bank of New Zealand (RBNZ) and Treasury will soon consult with banks and other deposit takers on the funding...

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