Govt to insure bank deposits, set up a governance board

Wed, 18 Dec 2019

The government has decided to introduce insurance of retail bank deposits up to $50,000 per institution and says that will likely fully cover more than 90 percent of depositors.Finance Minister Grant Robertson said the deposit insurance scheme is one of a number of changes stemming from phase two of its review of the Reserve Bank Act.Other changes give the RBNZ greater powers to monitor banks and hold directors and executives more accountable for their actions, a new governance board to oversee financial stability matters and measures to improv...

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