NZF commences application for scheme

New Zealand Finance Group Limited announced that its subsidiary, NZF Money Limited, has commenced the application process for the new deposit guarantee scheme. Here is the statement from NZF Group Limited:

The Government has just announced that it will offer a guarantee on all retail deposits held by New Zealand residents in banks and non bank deposit takers (including finance companies) who wish to apply for the New Zealand Deposit Guarantee Scheme. NZF Group Limited advises that its 100% owned subsidiary (NZF Money Limited) intends to apply for the New Zealand Deposit Guarantee Scheme announced by the Minister of Finance last night. A number of countries in the world offer some form of deposit guarantee scheme. The New Zealand Deposit Guarantee Scheme will provide additional assurance to investors that their deposits are Government guaranteed. We therefore welcome the opportunity to apply for the Scheme and have already commenced the application process.