Could be a good development for Hanover victims - wouldn't count my eggs though....it is however amazing how quickly the NZ Government has had to introduce some Depositor Protection and that they have opted for more generous cover than Oz.
This bit at least is good news for would-be immigrants from UK. Hope it works out for Genesis as well.

Have they said what amount per investment or does it cover all deposits? I have looked all over and can only see figures for the overall sum insured and not what that means to individuals accounts

My understanding was that it will cover all deposits whereas I read Oz was only Aus $ 20k but this is only based on what I have read in the paper today.

Thanks!

The amount guaranteed is unlimited, and applies to all banks, building societies, credit unions and finance companies who successfully apply to join the scheme. It covers cash deposits, including those denominated in foreign currencies and cash PIEs. It doesn't cover property or equity investments. Non-residents are also covered, but only for deposits in banks.

The sceptical amongst us might think that this sounds too good to be true...

Well those who are taxpayers won't necessarily be that pleased.

For goodness sake we are all taxpayers at some point in our lives!!!

Was just talking to my 82yr old father in law last night seems he had 320k with Hanover and some other outfit....Worked all his life as a farmer i do hope he gets something back it made me feel sick......
Cally

Hi Cally, there is quite a good possibility we will get ALL our money back..in time. The prognosis is up to around 5 years to pay us all back..maybe less if the housing market picks up. Point is the 2 wealthy owners are fronting around $85million to shore up the business. I don't think any other of the 25 in trouble have done that. Hanover WAS a good co to invest in..no one could see this coming. Some of the others that have fallen over maybe were not a wise choice..those offering 12-13%. Mind you some say that the risk our money was exposed to was worth more than the 9% odd we got.

Anyway..now that the dust has settled I have no regrets, at the end of the day all of those that have had problems Hanover has the best chance to get you all you bucks back!!!


Hotchin and the other chap have way too much to lose both fiscally (and in 'mana') to let this go totally bent. Positive mental attitude!!!

Oh i do hope so he was using the interest to live off and is one of these guys thats always been very frugal with his spending.....I am actually divorced from his son but we keep in regular contact its always very hard explaining things to him as hes had a few strokes so i will be positive on his behalf! Onwards and upwards captain!
Have a great weekend!
Cheers
Cally

for a minute there I thought you were the former Mrs Hotchin/Watson until I re-read the word "frugal"............

Na Lardyl i like to be able to sleep at night when i go to bed
Cheers
Cally