The announcement of a Government guarantee for all bank deposits in response to the international financial crisis, leads all the morning papers on Monday.
The New Zealand Herald says the move is intended to stop panic withdrawals.
The Dominion Post describes the announcement as a '$150 billion guarantee designed to reassure investors spooked by the worsening international crisis.'
The Press says billions of dollars worth of bank deposits are now Government-guaranteed after Labour seized the initiative at the formal opening of the election campaign.
The Otago Daily Times says the bank savings schemes from the Australian and New Zealand governments should shore up confidence, as the two Governments moved in tandem on Sunday.
Other news
The Herald reports the New Zealand sharemarket opens on Monday after a weekend of rescue attempts aimed at averting a meltdown of the global financial system.
The Dominion Post says the downward slide in house values is gathering speed, with average prices falling 5.8% in the past year.
Seven tickets won Lotto's first division on Saturday, but all missed the Powerball prize, which now jackpots to $30 million.
The Press says a crackdown on Christmas crackers is looming. Customs is reminding importers that under the Hazardous Substances Act, Christmas crackers are covered by controls on the importation of fireworks.
The ODT reports 15 prospective farm sales around the country failed last week because of the global credit crisis.
Dunedin South MP David Benson Pope has ended months of speculation by announcing he will not contest the general election.
