Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


MARAC to opt-in to the deposit guarantee scheme

MARAC intends to opt-in to the deposit guarantee scheme


14 October 2008


MARAC Finance Limited intends to opt-in to the New Zealand deposit guarantee scheme announced on Sunday.

Brian Jolliffe, Managing Director of MARAC comments:  “We see the move by the Government to guarantee investments as a positive one. We will be opting into the deposit guarantee scheme as we believe investors will look to invest with financial institutions that are participating in the scheme so they have the assurance of knowing their funds are safe.

Financial institutions also need to step up to the plate to increase investor confidence.  MARAC has a BBB- (Stable)* credit rating from Standard & Poor’s, and our parent company, Pyne Gould Corporation Limited (PGC), announced on 30 September, its intention to apply for a banking licence. These are two ways we are providing investors with even greater reassurance about the financial integrity and credibility of our business and opting into the deposit guarantee scheme further supports this.”

- Ends -


© Scoop Media

Business Headlines | Sci-Tech Headlines


Crown Accounts: Slightly Softer Growth Expected In PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. More>>


Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>


Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>