14 Jul 2010

Retail deposit guarantee

12:39 am on 14 July 2010

The Government has set aside $934 million in case financial institutions covered by its retail deposit guarantee go under.

So far, the Government is liable to pay investors in finance companies which have failed while under the guarantee, a total of $47 million.

It has also increased the amount it has set aside for potential losses by under 1% to $887 million.

At the end of May, 73 financial companies with deposits totaling $133 billion were covered by the guarantee.