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Deposit scheme 'useless'
February 9, 2010
Banks should stop relying on the government guarantee for deposits, which provided no real benefit to customers, KPMG banking specialist Andrew Dinsdale says.
His comments follow a decision by the Australian Government to end its guarantee for bank wholesale funding and deposits over A$1 million from March.
The New Zealand Government said yesterday it would probably match Australia's decision to end the guarantee from March 31.
Retail deposits under $1 million would continue to be covered till next year, when the scheme would be reviewed.
Original Posting At: :x:
His comments follow a decision by the Australian Government to end its guarantee for bank wholesale funding and deposits over A$1 million from March.
The New Zealand Government said yesterday it would probably match Australia's decision to end the guarantee from March 31.
Retail deposits under $1 million would continue to be covered till next year, when the scheme would be reviewed.
Original Posting At: :x:
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