163 (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:	163 (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_00163_2024
Document guid:	863dc4b3-2642-4fdc-b0aa-ca511a186a73

163 (2024). Hon Dr Duncan Webb to the Minister of Finance: What plans does the Minister have to protect the wealth of depositors in the event of the failure of a Credit Union in New Zealand?

Hon Nicola Willis: I would naturally take advice from officials on the specific circumstances. There are currently a range of powers and options available, and once the Deposit Takers Act is fully in force, the Reserve Bank will also have a wider range of resolution powers for this sector. Once the Depositor Compensation Scheme is operational, depositors in credit unions with eligible deposits will be protected up to $100,000, in the same way as depositors in banks.