Wednesday, October 5, 2022
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New Zealand Legislation Guaranteed Deposit

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.

($1=1.7185 NZD)

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