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Deposit taking measures protect financial stability and New Zealanders


Hon Grant Robertson
Cabinet has finalised a package of new measures to protect New Zealanders’ interests in the banking and financial system, including guaranteeing deposits of up to $100,000 per eligible institution.
These measures, the final part of a comprehensive review of the Reserve Bank of New Zealand Act, have been the subject of extensive consultation. They will help protect New Zealand’s financial system and wider economy from damage that could be caused by excessive risk taking by the deposit taking sector and any resulting failures of institutions, Grant Robertson said.
“While New Zealand’s financial system is sound and well positioned to withstand the stress posed by COVID-19, these reforms ensure the Reserve Bank is better equipped to protect and promote financial stability in the future. ....

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Community Scoop » New Deposit Takers Act A Step Closer


Press Release – The Treasury
A Cabinet decision to adopt the final measures resulting from the Reserve Bank Act Review will see drafting commence for new legislation to be known as the Deposit Takers Act. The measures announced by Minister of Finance Hon Grant Robertson will …
A Cabinet decision to adopt the final measures resulting from the Reserve Bank Act Review will see drafting commence for new legislation to be known as the Deposit Takers Act.
The measures announced by Minister of Finance Hon Grant Robertson will promote financial stability and protect deposits held in both bank and non-bank institutions. They conclude a comprehensive review of the Reserve Bank of New Zealand Act, and build on reforms already confirmed to update the objectives and decision-making processes of the Reserve Bank. ....

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