Israel and New Zealand fail to protect investors
With nervous investors concerned about the health of their banks in many European countries , the New Zealand Greens have said that New Zealand and Israel are the only two countries in the OECD which do not offer protection to those whose who have deposits in those nations’ banks.
The OECD countries which do offer protection are Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, South Korea, Luxembourg, Mexico, Netherlands, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, and the United States.
“If National implement Open Bank Resolution as planned, everyday people’s savings can be made available to bail out their bank if it was to fail,” said Green Party Co-leader Dr Russel Norman.
“This is almost unprecedented in the developed world.
“Open Bank Resolution allows our major banks to get off scot-free from having to pay insurance premiums to protect their customers’ savings – premiums banks have to pay everywhere else.”
