by David Chaplin
According to Andy Wood, head of the non-bank and small banks prudential supervision department of the Reserve Bank (RBNZ), the rapid introduction of the deposit guarantee scheme has caused some “uncertainty at the margin”.
“We had a number of calls from people in the markets about the boundary [of the RBNZ guarantee] which has caused us to reconsider its scope,” Wood said.
He said while fund managers were “on edge” the RBNZ has been working with the industry to clarify any grey areas of the scheme.
“We want to reduce some of the uncertainty but we have to get the calibration right,” Wood said.
Over the next few days he said it would become clear “who’s in and who’s out”.
In the latest version of its FAQ website section explaining the deposit guarantee offer, the RB says it is available to those who:
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