James 1077
13th October 2008, 04:40 PM
For anyone that missed it due to living overseas NZ has announced government guarantees on deposits.
This is a 100% of deposit and interest guarantee and is funded by the various banks taking part - they effectively pay an insurance premium to the government based on the size of their deposits.
However it is an "opt in" for the banks so it could be that some banks are guaranteed and some not (although I imagine that everyone will join as otherwise they'll be at a commercial disadvantage).
The guarantee will be available to banks, building societies, finance companies taking deposits and credit unions.
At the time of writing the following banks have signed up:
ASB
Kiwibank
Westpac
SBS
ANZ-National
BNZ have announced that they "intend to sign up".
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10537163&pnum=0
This is a 100% of deposit and interest guarantee and is funded by the various banks taking part - they effectively pay an insurance premium to the government based on the size of their deposits.
However it is an "opt in" for the banks so it could be that some banks are guaranteed and some not (although I imagine that everyone will join as otherwise they'll be at a commercial disadvantage).
The guarantee will be available to banks, building societies, finance companies taking deposits and credit unions.
At the time of writing the following banks have signed up:
ASB
Kiwibank
Westpac
SBS
ANZ-National
BNZ have announced that they "intend to sign up".
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10537163&pnum=0