The Green Party is welcoming the Government’s announcement that bank deposits up to $100,000 will be protected under new rules.
“Deposit guarantees are overdue. We welcome the Government’s move to protect the savings of ordinary New Zealanders if something goes wrong in the banking system,” Green Party finance spokesperson Julie Anne Genter said.
“The Green Party has been advocating for deposit protections for years so it’s great to see the Government confirming savings up to $100,000 will be protected, rather than the lower level originally proposed.
“Australia, the EU, Canada, and the US have had deposit protections for a long time. Until now, New Zealand has been the only developed country in the world where people can lose their savings if a bank makes a bad decision, and we’re pleased to see that will change.
“The financial system should serve the best interests of New Zealanders, and deposit protections are an important step towards making that true.”