Govt to introduce deposit insurance; RBNZ keeps prudential supervision

Mon, 24 Jun 2019

By Paul McBeth June 24 (BusinessDesk) - Finance Minister Grant Robertson wants to keep prudential supervision under the Reserve Bank's purview and plans to introduce deposit protection to bring New Zealand into line with other developed nations. Cabinet today signed off on an in-principle decision to introduce a deposit protection regime for deposits between of $30,000 and $50,000, Robertson said in a statement. That would cover about 90 percent of individual bank accounts, which he said was in line with international schemes. Around 40...

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