New Zealand sets up its first deposit insurance scheme

RBNZ
Photo: Rachael King

New Zealand’s parliament passed a law to set up the country’s first deposit insurance scheme on June 29.

The Deposit Takers Bill will guarantee deposits in any eligible institution up to NZ$100,000 (US$60,800) if it fails. The new law will apply to all deposit-takers, including banks, credit unions, building societies and finance companies.

Under the new law, the Reserve Bank of New Zealand is responsible for managing and administering the scheme. It must collect and manage levies from deposit

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