Rt Hon Winston Peters
New Zealand First Leader

20 March 2013

Protect the Savings of New Zealanders

New Zealand First is calling for the introduction of a bank depositors’ guarantee scheme to protect the savings of blameless Kiwis during any financial crisis.

The policy would provide a government guarantee for deposits of up to $100,000 in New Zealand-owned banks.

The call comes as the Reserve Bank moves to adopt measures that would, under certain financial circumstances, allow it to take a portion of bank deposits from New Zealanders accounts.

A similar policy has caused public outrage and panic in Cyprus as that country works towards a Eurozone-endorsed bailout.

Rt Hon Winston Peters says the possibility that a New Zealand financial crisis and subsequent bailout could hit the savings of innocent, hard-working mums and dads is not the Kiwi way.

“Why take money off innocent New Zealanders who have simply used a bank in which to store their hard-earned money?

“Essentially that would see innocent New Zealanders being financially penalised for something that wasn’t of their making.

“That sort of scenario is never acceptable in a court of law so why make it part of the Reserve Bank’s policy,” says Mr Peters.

ENDS

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