RBNZ deputy defends bank resolution policy

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Grant Spencer, a Reserve Bank of New Zealand (RBNZ) deputy governor, today backed the central bank's policy for the "rapid and orderly resolution" of a collapsed bank – but warned it will not afford depositors any protection.

"If their bank fails, depositors have always needed to understand that deposits are not guaranteed," he said. The OBR [open bank resolution policy] does not "change the fact that depositors and other creditor funds are at risk".

Spencer insisted the RBNZ's OBR policy

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