Finance Minister Grant Robertson has announced the Government plans to introduce bank deposit insurance. READ MORE:* Bank customers could take a 'haircut' in a bailout* New Zealand tipped to follow OECD and guarantee bank depositsMany developed countries have bank deposit insurance schemes to ensure people do not lose their savings in bank collapses. During the consultation on deposit insurance it was envisaged depositors would pay for deposit insurance through a levy on their savings. The deposit insurance scheme would fall under a new Deposit Takers Act which would govern the Reserve Bank's regulatory powers. Cabinet planned to make final policy decisions on the Deposit Takers Act and the deposit insurance scheme in mid-2020 following further consultation.

Source: Stuff December 17, 2019 21:42 UTC