DCS Alternative Deposit Taker (ADT)
Tender ID: 555974
Tender Details
Tender Description
The Deposit Takers Act 2023 (DTA) will contribute to New Zealand’s financial stability and New Zealanders’ well-being and prosperity, by ensuring the safety and soundness of the deposit-taking sector. The new legislation brings New Zealand into line with our international peers and will give New Zealanders the confidence that their eligible deposits are protected.
To deliver our obligations under the Deposit Takers Act, from mid-2025, we will be introducing a Depositor Compensation Scheme (DCS) to protect up to $100,000 per depositor (customer) per deposit taker (financial institution) in the event of a failure. There is an opportunity for an Alternative Deposit Taker (ADT) to support us during a payout event to help facilitate the payment of compensation to depositors of a failed Deposit Taker on behalf of the DCS.
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