ASB opts in to deposit guarantee scheme

ASB Bank has announced it will immediately opt in to the New Zealand Deposit Guarantee Scheme. "ASB operates within a sound banking system and is strong and well capitalised. It is one of only 20 banking groups in the world with a AA Stable credit rating or better issued by independent rating agency, Standard & Poor's," ASB said. "Most of the developed countries in the world now offer deposit guarantee schemes. The New Zealand Deposit Guarantee Scheme will provide additional assurance to our customers that their deposits are safe in these uncertain times," it said. "We therefore welcome the opportunity to enter into a Deed of Guarantee with the Crown and have already commenced the process to put this in place."