162 (2024). Hon Dr Duncan Webb to the Minister of Finance

Written Question

Published date: 14 Feb 2024

Metadata

Document type:	Written Question
Parliament number:	54
Question number:	162 (2024)
Question asked:	29 Jan 2024
Member asking:	Hon Dr Duncan Webb
Portfolio:	Minister of Finance
Minister replying:	Hon Nicola Willis
Answer received:	11 Feb 2024
Status:	Question Answered
Reply type:	Reply
Document ID:	WQ_00162_2024
Document guid:	8f637dd9-aa1c-4333-9220-d1f38833a945

162 (2024). Hon Dr Duncan Webb to the Minister of Finance: Will the Minister recommend that the government guarantee deposits of depositors in Credit Unions in line with the Deposit Takers Act 2023?

Hon Nicola Willis: The new Depositor Compensation Scheme (DCS) under the Deposit Takers Act will protect customers with eligible deposits in non-bank deposit takers and banks up to $100,000 per depositor per deposit taker. The current timeframe for the DCS to be operational is mid-2025.