Deposit guarantee scheme to end

The Government's retail deposit guarantee scheme ends on Tuesday, and as at mid-afternoon today only seven institutions were approved for the extended scheme which has lower levels of protection.

Treasury put out a reminder today that under the current scheme, deposits would no longer be guaranteed after Monday.

The smaller extended retail deposit guarantee scheme, under which eligible depositors would be repaid up to $250,000 per non-bank institution in case of default, would start on Tuesday and run to the end of 2011.

Institutions had until the close of business on Monday to apply to be in the extended scheme, Treasury said.

The institutions in the extended scheme at mid-afternoon today were Canterbury Building Society, Equitable Mortgages, Fisher & Paykel Finance, Marac Finance, PGG Wrightson Finance, Southern Cross Building Society, and Wairarapa Building Society.

- NZPA