New deposit insurance scheme takes shape

New deposit insurance scheme takes shape
Deposits of up to $100,000 will be protected. (Image: Depositphotos)
Rebecca Howard
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...

More Economy

RBNZ assistant governor resigns
Economy

RBNZ assistant governor resigns

The announcement comes just weeks after governor Adrian Orr suddenly quit.

John Anthony 17 Apr 2025
Annual inflation lifted 2.5% in the first quarter
Economy

Annual inflation lifted 2.5% in the first quarter

The lift was a tad higher than RBNZ forecasts. 

Staff reporters 17 Apr 2025
Slight inflation lift won't stop rate cuts thanks to trade war
Economy

Slight inflation lift won't stop rate cuts thanks to trade war

Most economists expect annual inflation lifted to 2.4% in 1Q.

Rebecca Howard 17 Apr 2025
TTR files fast-track application to mine Taranaki sand
Primary Sector

TTR files fast-track application to mine Taranaki sand

Seabed mining firm Trans-Tasman Resources has lodged its application to fast-track its project to harvest iron sands off the coast of Taranaki. The firm's parent company, Manuka Resources, told the Australian Securities Exchange (NZX) on Wednesday that the application was lod...

Staff reporters 16 Apr 2025