John Whitehead, Secretary to the Treasury, has announced that New Zealand's opt-in two year limited deposit guarantee scheme will cap the size of deposit that is covered by the guarantee to NZ$1 million per depositor per guaranteed institution.
The contingent liability of the deposit guarantee is estimated at NZ$450 billion.
The Reserve Bank and the Treasury have yet to announce whether wholesale deposits between banks will be subject to a deposit guarantee. Thus far, the government has held that such a guarantee is not necessary.
No comments:
Post a Comment