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.”

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