About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Sunday, September 22nd, 8:04PM
rss
Latest Headlines

ASB first big bank to get guarantee

ASB Bank has become the first of the big retail banks to be approved under the government’s retail deposit guarantee firm.

Wednesday, November 5th 2008, 5:44AM
It joins Citibank, Kiwibank, Rabobank, SBS and TSB on the approved list.

ASB’s approval comes against a backdrop of rumours that the big banks opposed joining the retail scheme as their fees are essentially being used to allow finance companies to be covered by the scheme.

Under the scheme institutions with more than $5 billion in assets are being charged at 10 basis points which equates to many millions of dollars for banks while smaller institutions don’t have to pay a fee.

However, it now looks like the big banks are starting to apply to join.

Depositrates.co.nz understands that both Westpac and Bank of New Zealand have made formal applications, after indicating earlier that they intended to apply to join.

Westpac and ANZ National have yet to lodge applications.

The government announced on the weekend that it will offer wholesale funding guarantee to New Zealand banks.

« Who has got a guarantee?Guardian to restructure cash fund for guarantee »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 2.00  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com