Marac first firm in guarantee scheme

Marac Finance has become the first company to be accepted into the Government's extended retail deposit guarantee scheme.

The Treasury yesterday approved the firm, which is owned by NZX-listed Pyne Gould Corp. Marac chief executive Jeff Greenslade said it was pleased to be among the first.

Greenslade said while the extended guarantee would provide investors with comfort, he was confident Marac had the strength to stand on its own.