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Australian wholesale deposit guarantee scheme

Friday 24 October 2008 Media Statement

Australian wholesale deposit guarantee scheme to inform New Zealand's response

Finance Minister Michael Cullen says that the release of the details of the Australian wholesale deposit guarantee scheme today will assist in finalising the details of the proposed New Zealand wholesale guarantee scheme.

"Officials and I will be working together over the weekend to determine whether the proposals that we have been developing need any refinement in light of the Australian scheme.

"Once we have finalised details of our proposals, officials will undertake further discussions with the banks and others in the financial sector before final decisions are taken.

"I will ensure that National Party Deputy Leader and Finance Spokesman, Hon Bill English, also receives a briefing. It is anticipated that announcements will be made next week-end if at all possible while the New Zealand markets are closed.

Dr Cullen will be making no further media comment at this time.

ENDS

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