News
Extended deposit guarantee scheme law passed
Wednesday 9th of September 2009
The bill, which extends the scheme to December 31, 2011, was passed unanimously in Parliament today.
"The passing of the new scheme into law provides certainty for depositors, financial institutions and taxpayers," Finance Minister Bill English says.
"Depositors and institutions have more than a year of advance notice before the scheme changes and then a further 14 months under the extended scheme until the Crown guarantee ends on December 31, 2011.
The changes after October 12, 2010 are:
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