Planned bank deposit insurance doubled to $100k

Finance minister Grant Robertson said the scheme will cover 93% of depositors.

Thu, 22 Apr 2021

The government has doubled the amount of bank and other deposits it will guarantee to $100,000 per eligible institution, saying it was as a result of feedback it received.Finance minister Grant Robertson said the deposit insurance scheme will help protect New Zealand's financial system and the wider economy from damage that could be caused by excessive risk-taking by the deposit-taking sector and any resulting failure of such institutions."While NZ's financial system is sound and well-positioned to withstand the stress posed by cov...

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