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Marac Intends To Join Deposit Guarantee Scheme

Fuseworks Media
Fuseworks Media

Wellington, Oct 14 NZPA - Marac Finance has joined the list of financial institutions intending to opt-in to the Government's deposit guarantee scheme.

New Zealand's four big banks -- ANZ National, BNZ, Westpac and ASB -- have said they will take part in the scheme guaranteeing bank retail deposits, announced on Sunday.

Others joining include Kiwibank, TSB and the Southland Building Society, which was registered as a bank last week.

Finance company Marac, owned by Pyne Gould Corporation, has around $600 million in retail deposits.

Marac managing director Brian Jolliffe said Marac expected investors would look to invest with financial institutions that were participating in the scheme so they had the assurance of knowing their funds were safe.

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