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Retail Deposit Guarantee Scheme deeds replaced

18 December 2009
Media Statement

Retail Deposit Guarantee Scheme deeds replaced

The Treasury has completed the issue of replacement Crown guarantee deeds to make the Retail Deposit Guarantee Scheme more flexible for deposit taking institutions, while continuing to protect current depositors.

All institutions participating in the scheme were asked to either accept the revised deeds or cease offering guaranteed deposits after 31 December 2009.

In total, the scheme currently guarantees $130 billion of deposits.

Full details of institutions that have elected not to accept the replacement Crown Deed of Guarantee, together with details of those will continue to participate in the Retail Deposit Guarantee Scheme, will be updated on the Treasury website before the new guarantee deeds come into effect on 1 January 2010. www.treasury.govt.nz/economy/guarantee/retail

A key change in the replacement deeds is that from 1 January 2010, deposit taking institutions that have signed replacement deeds can decide to issue investments or deposits on a non-guaranteed basis, if they wish. Institutions that decide to offer non-guaranteed investments or deposits will be required to clearly disclose the non-guaranteed status of those securities in their offering documents.

“As always, we recommend that depositors and investors ensure that they are well advised about their investments and make sure they understand their investment choices before they make any commitments," Dr McCulloch said.

ENDS

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