NZSX50 - Good News!

[Blue Skies]

intelligent politicians have finally realised a deposit insurance scheme might be in NZ interest. As the only developed country without one it took long enough although its not been approved and is only in principle lets hope they get a move on the next crash might be just around the corner.

Deposit protection reduces case for RBNZ bank capital increase, Grant Robertson says


https://www.nzherald.co.nz/business/...ectid=12243499

Agreed absolutely essential, though v disappointed to hear it may only cover deposits up to $30,000 or possibly $50,000 which is way too low Imo.
Don't know how accurate these figures are but read that would cover 90% of depositors, but only 40% of bank deposits.
Would hate to think the R.B. pushed into accepting this little sticking-plaster as good enough. Australia guarantees up to $250,000.
If HMS NZ Inc hits an iceberg, no good the govt saying, stay calm everybody we have enough life boats to go around. Oh no Grant, we don't!

[kiora]

You like?
" Cyprus. There, the 2012 financial crisis led the Cypriot government to confiscate its citizens’ savings, obviously without asking first. Everyone with a bank account containing over €100,000 had to contribute 9.9% to the empty coffers of the State, and those with less paid 6.75%."
https://tax-free.today/blog/4-lesson...otect-savings/

[ratkin]

Agreed absolutely essential, though v disappointed to hear it may only cover deposits up to $30,000 or possibly $50,000 which is way too low Imo.
Don't know how accurate these figures are but read that would cover 90% of depositors, but only 40% of bank deposits.
Would hate to think the R.B. pushed into accepting this little sticking-plaster as good enough. Australia guarantees up to $250,000.
If HMS NZ Inc hits an iceberg, no good the govt saying, stay calm everybody we have enough life boats to go around. Oh no Grant, we don't!

The amount is a bit pathetic, already spread mine around the different banks but if it is only 30k then why even bother. 50 is better than nothing but in this day and age it not exactly a fortune.

[bull....]

RBA meeting tomorrow

RBA poised to swing the axe on rates again; the market says it has to

https://www.abc.net.au/news/2019-06-...ction=business

makes our yields look even better still when they cut

[bull....]

Business confidence plunge: ASB predicts big rate drop


https://www.nzherald.co.nz/business/...ectid=12245766

With economic momentum continuing to slow, we now expect the RBNZ will cut the OCR twice more, in August and November, bringing the Official Cash Rate (OCR) to 1 per cent," ASB economist Jane Turner said.

get your income why you can

dont forget rba at 4.30pm

[sb9]

RBA meeting tomorrow

RBA poised to swing the axe on rates again; the market says it has to


https://www.abc.net.au/news/2019-06-...ction=business

makes our yields look even better still when they cut

As widely expected, they cut rates down to 1% this arvo.

[bull....]

As widely expected, they cut rates down to 1% this arvo.

and pricing is for another cut before xmas

RBA cuts again and leaves room for more

https://thebull.com.au/rba-cuts-agai...room-for-more/

just adds to the pressure on the RBNZ TO KEEP CUTTING

[bull....]

The need for the Reserve Bank to cut the Official Cash Rate to 1% and below looks "increasingly likely" according to economists at Kiwibank

https://www.goodreturns.co.nz/articl...-kiwibank.html

[GTM 3442]

Why the straitjacket of 0.25% movements? Would a series of movements at 0.1% do?

[Lego_Man]

Deposit protection insurance with no capital requirement hike, is just a taxpayer subsidy to bank shareholders...does Grobocop understand that or is he too thick to see through the bank spin?