New Zealand First Applauds Outcome of Phase Two of Reserve Bank Act Review

New Zealand First is pleased to see the Coalition Government’s strong move towards introducing a deposit protection regime as a result of Phase two of the Reserve Bank Act review, announced by Finance Minister Grant Robertson today.

“A Review of the Reserve Bank Act was a key component of the Coalition Agreement and has been a longstanding policy of New Zealand First,” New Zealand First Deputy Leader and Associate Finance Spokesperson Fletcher Tabuteau said.

“As part of advocating long and hard for a review of the Reserve Bank Act, New Zealand First has long campaigned on the issue of depositor protection, as we believe the banking system must work for the benefit of all New Zealanders.”

“The proposed phase two changes ensure that 90% of deposits in New Zealand will be protected if a bank fails. This means the average Kiwi who has been scrimping and saving will have the confidence that their nest egg is safe should the worst happen.

“The Coalition Government has already delivered on Phase one of the review by updating New Zealand’s monetary policy settings to require the Reserve Bank to focus on employment outcomes as well as price stability. So it is great to see today the continuation of planned improvements under Phase two of the review,” Fletcher Tabuteau said.

ENDS

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