The government’s proposed bank deposit guarantee scheme is planned to be instituted before the November 8th election. While previous government statements placed the timeline for the scheme as being before Christmas Day. This announcement seems to be a warning or an indication of intent so far, as there were a number of details omitted by [...]

The government’s proposed bank deposit guarantee scheme is planned to be instituted before the November 8th election. While previous government statements placed the timeline for the scheme as being before Christmas Day. This announcement seems to be a warning or an indication of intent so far, as there were a number of details omitted by Michael Cullen concerning the Bank Deposit Scheme. Predominantly the missing details are those surrounding the involvement and requirements from the Australian government and banks in regards. However, previous ... Read More

According to statements from Finance Minister Michael Cullen made during a television interview on the 19th of October, the newly proposed bank guarantee scheme could soon be extended to wholesale deposits. As it stands at this moment in time, the proposed retail-banking guarantee scheme does not extend to funds attained from international wholesale markets. According [...]

According to statements from Finance Minister Michael Cullen made during a television interview on the 19th of October, the newly proposed bank guarantee scheme could soon be extended to wholesale deposits. As it stands at this moment in time, the proposed retail-banking guarantee scheme does not extend to funds attained from international wholesale markets. According to Michael Cullen the government has been looking at the possibility of making this a reality, although since the New Zealand banking system was not undergoing any ... Read More

In a bid to increase financial confidence, the New Zealand Government has instituted a bank deposit guarantee scheme. The scheme was announced by Finance Minister Michael Cullen and was brought in under the Public Finance Act. While he went on to say that the government has total confidence in the New Zealand banking sector, the [...]

In a bid to increase financial confidence, the New Zealand Government has instituted a bank deposit guarantee scheme. The scheme was announced by Finance Minister Michael Cullen and was brought in under the Public Finance Act. While he went on to say that the government has total confidence in the New Zealand banking sector, the initiative was to ensure confidence from both banks and New Zealand investors. The move follows similar schemes adopted recently by Ireland and Australia. The Deposit Insurance is currently is ... Read More

New petrol taxes are likely to be approved within the next two weeks according to Finance Minister Michael Cullen. The new petrol taxes are specifically budget to pay for the electrification of Auckland’s rail network. Any surplus that might present itself will be budgeted for further road construction projects. The proposed taxing scale will see [...]

New petrol taxes are likely to be approved within the next two weeks according to Finance Minister Michael Cullen. The new petrol taxes are specifically budget to pay for the electrification of Auckland’s rail network. Any surplus that might present itself will be budgeted for further road construction projects. The proposed taxing scale will see an extra 1c added to each liter of petrol on the 30th of June, 2009. A subsequent rise to 3c is scheduled to occur in the winter of ... Read More