National should act to protect New Zealanders’ savings

National should follow today’s advice from the International Monetary Fund (IMF) and implement deposit insurance to protect New Zealanders’ savings, the Green Party said.

The IMF’s Financial Sector Assessment Programme recommended today that introducing deposit insurance is “the best option” to strengthen the Reserve Bank’s crisis resolution framework.

“New Zealand is the only developed country in the world where we can lose our savings if our bank makes a bad decision, and that’s because we don’t have deposit insurance,” Green Party Co-leader James Shaw said.

“Most people would be alarmed to discover that the Reserve Bank can legally dip into their savings to bail out banks.

“For about $5-10 a year, people with savings could have peace of mind that their money won’t be used to prop up a failing bank.

“Americans and Australians are protected by deposit insurance on their savings up to $250,000, while people in Canada and the EU are protected up to $100,000, which we think would be an appropriate level for New Zealand.

“Deposit insurance has the added benefit of minimising the risk of runs on the banks, because people know their savings are protected.

“The IMF agrees that a safety net for savers makes sense. Now it’s up to National and the Reserve Bank to follow their advice,” Mr Shaw said.

Action

Oppose New Zealand First’s Member’s Bill!

Support Trans Rights | Oppose the Gender Definition Bill

Action

Reject the Defining Gender Bill

Reject the Legislation (Definitions of Woman and Man) Amendment Bill introduced by New Zealand First.

Action

Oppose the 2026 budget

Sign our petition to show you oppose the Government's 2026 budget

Action

Leave our homes alone!

The Green Party is calling on the Government to stop its attack on people living in public housing - join our call today!

Action

Drug Overdose (Assistance Protection) Legislation Bill Submission Guide

Support Green MP Kahurangi Carter’s Bill to protect overdose emergency callers from legal risks!

Action

Keep Fees Free

Join our call to keep Fees Free for tertiary education!

Action

Protect Conservation Land

Sign out petition to oppose the Conservation Amendment Bill and protect conservation land!

Action

Stop the Fisheries Amendment Bill

Sign today to protect our moana.

Action

Electrify everything

Show your support for a National Electrification Plan!

Action

A home for everybody

A home for everybody - sign and share the open letter today!

Action

Tell us your stories about our special places

Share with us your stories about the places threatened by being fast tracked for mining permits.

Action

Protect our tamariki - Sign the open letter

Every child in Aotearoa deserves to grow up with safety and stability, wrapped in aroha. Sign our open letter today and help make that a reality!

Action

Local Events

We have activists across Aotearoa / New Zealand who are working hard to build a brighter future for our kids and grandkids. This page lists upcomin...

Latest Finance Announcements

Story

NZ Rich Listers own as much wealth as half the country

The richest 150 New Zealand individuals and family dynasties now own as much between them as half of the country, the Green Party says.

Budget 2026 hides a nearly $500 million KiwiSaver hole across the public service

The Green Party says Budget 2026 leaves a hole of nearly half a billion dollars, the cost of the higher employer KiwiSaver contribution for most of...

Chlöe Swarbrick Budget speech 2026

Mr Speaker, the Greens want every New Zealander to feel proud of our country. Not just for our history; for granting women the vote, standing agai...

Cost of living driven by fossil fuels and power price hikes

The Green Party says new Stats NZ data shows a 2.1% increase in household living costs is driven by out of control fossil fuel and power prices, an...

Soaring power prices show urgent need for electrification

The Green Party says today's inflation figures show power prices are once again a key driver of the cost-of-living crisis, and reinforce calls for ...

The real cost of Willis’ failed economic strategy: empty chairs at Christmas

The Half Year Economic and Fiscal Update (HYEFU) shows Nicola Willis’ “year of growth” has not only totally failed to deliver but has come at a ste...

Story

Rising food prices hitting New Zealanders while supermarket duopoly not held accountable

Rising food prices are hitting New Zealanders in the pocket and driving them to hunger says MP Ricardo Menéndez March, Green Party spokesperson for...

Time for Govt to get serious on household debt

The Green Party is calling on the Government to intervene following a new report on rising household debt from FinCap.

Urgent intervention needed on supermarkets

The Green Party is calling on the Government to intervene in the supermarket duopoly dominating our supply of groceries following today’s report fr...

Food prices another clear example of why tax changes are urgent

Rising food prices show exactly why now is the time to shake up the tax system and raise the money we need to lift every family out of poverty.

Greens' Income Guarantee is needed more than ever

Continued rising food prices shows exactly why Aotearoa needs the Green Party’s Income Guarantee.

Govt must break up supermarkets

The Government needs to do much more to address supermarket profiteering, which is driving high food prices.