Willis unveils how new deposit compensation scheme will be funded

Nicole Willis. (Image: NZME)

Fri, 08 Nov 2024

Finance Minister Nicola Willis is seizing her first big opportunity to show she’s serious about eroding the dominance of the big banks – but not at all costs.Speaking to the Herald, she unveiled how the Government plans to go some way to supporting the little players through its new deposit compensation scheme.The scheme will see the first $100,000 of an individual or business’ deposit at a bank, finance company, credit union or building society guaranteed from July 1.So, if someone had $200,000 deposited at a bank t...

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