Extended deposit guarantee scheme law passed
The Government has passed legislation extending the Retail Deposit Guarantee Scheme and changing some of its terms and conditions.
Wednesday, 9 September 2009
The bill, which extends the scheme to December 31, 2011, was passed unanimously in Parliament today.
"The passing of the new scheme into law provides certainty for depositors, financial institutions and taxpayers," Finance Minister Bill English says.
"Depositors and institutions have more than a year of advance notice before the scheme changes and then a further 14 months under the extended scheme until the Crown guarantee ends on December 31, 2011.
The changes after October 12, 2010 are:
All depositors currently benefiting from a Crown guarantee will have their deposits covered until October 12, 2010. Whether or not they are covered beyond that date will depend upon whether their institution joins the new scheme, which is voluntary.
The changes are consistent with new Reserve Bank rules for non-bank deposit takers. Under those rules all institutions with deposits over $20 million will need to obtain a credit rating by March 1, 2010.
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