MARAC accepted into extended guarantee scheme

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MARAC Finance has been approved under the extended Retail Deposit Guarantee Scheme.

Thursday, March 11th 2010, 11:55PM

The extended scheme covers deposits by eligible investors through to December 31, 2011 and will assist in ensuring an orderly exit from the Crown Guarantee scheme for government, investors, and issuers.

MARAC is one of the first finance companies to be approved under the guarantee.

Whilst the extended guarantee will provide investors with comfort, MARAC is confident it has the strength to stand on its own, chief executive Jeff Greenslade.

The company is already offering guaranteed and non-guaranteed investments to investors.

Greenslade says the company's balance sheet has never been stronger and it has the benefit of a strong parent company, Pyne Gould Corporation.

The extended scheme has a number of changes which will assist with the transition, the most significant being a reduction in the maximum amount covered by the guarantee to $250,000 per eligible investor for Non-Bank Deposit Takers.

MARAC is expected to review its interest rates next week.

Meanwhile Equitable says it has applied to join the extended guarantee scheme.

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