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| pittadjis | |||||||
New Zealand’s financial and payments systems have held up well in the
face of extreme disorder within the international financial markets,
Governor Alan Bollard said today, when releasing the Bank’s November
2008 Financial Stability Report.
The Reserve Bank today reduced the Official Cash Rate (OCR) from 7.5 percent to 6.5 percent.
The Minister of Finance announced today that the Government has introduced an opt-in deposit guarantee scheme. The scheme covers deposits for New Zealand-registered banks and eligible non-bank deposit-takers (including banking societies, credit unions and finance companies).