New Zealand to start protecting bank deposits of most savers

  • News Digest

Jun 26, 2019-

WELLINGTON: New Zealand remains one of the few developed countries where people with bank savings have no recourse if their bank fails, but the government said Monday that’s about to change. Finance Minister Grant Robertson announced plans for a programme aimed at individual account holders that would guarantee bank deposits of up to 50,000 New Zealand dollars ($33,000). Robertson said the scheme would fully protect about 90 percent of savers, and would cover about 40 percent of the total NZ$352 billion kept in bank deposits. “This is about tipping the balance in favor of the depositor, of the people who banks are there to serve,” Robertson said.(AP)

Published: 26-06-2019 09:41

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