Winston Peters says:
If your bank goes bust expect to wave goodbye to your hard-earned dollars.
You won’t hear John Key saying this, but New Zealand is the only advanced country in the world without any form of protection for the depositor.
This has been confirmed with Kiwibank announcing that their existing government guarantee on savers’ money will end on February 28, 2017.
The government is abandoning ordinary New Zealanders to the uncertainty of the global economy.
It’s not a big surprise. John Key has sold out to the globalists and lost touch with the ordinary Kiwi. Which means they are out of step.
All other OECD countries provide a government backed deposit guarantee scheme up to a modest level of savings.
That is how it should be. These countries realise that if there is a financial bump or crash, things could slump further if confidence plummets and a rush is made to withdraw money.
New Zealand First isn’t turning our backs on ordinary Kiwis. We would provide a government guarantee on deposits of up to $100,000 with New Zealand-owned banks, including Kiwibank.