by Lucy Craymer
WELLINGTON (Reuters) – New Zealand’s Finance Minister Grant Robertson said on Thursday that new legislation has been tabled in parliament and a formal plan will be drawn up, To protect depositors from loss, if
Robertson said the scheme will guarantee deposits of up to NZD 100, 000 ($,190) and strengthen supervision of deposit recipients.
New Zealand is one of only two countries in the Organisation for Economic Co-operation and Development that does not currently have deposit insurance.
“The lack of depositor protection has been a longstanding gap in New Zealand’s financial safety net. This legislation bridges that gap,” Robertson said.
This bill must be passed by Parliament before it becomes law.