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Keyword: newzealandcyprus

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  • New Zealand considers Cyprus-style banking failure solution

    03/19/2013 12:08:27 PM PDT · by Baynative · 31 replies ^ | March 19, 2013 | Google staff
    New Zealand depositors could face a Cyprus-style tax on their bank accounts, as the government is planning to impose a similar strategy on its banks warns the country's Green Party. New Zealand is facing a similar bank failure to Cyprus, is likely to adopt open bank resolution (OBR), which will see small depositors lose part their savings in favour of a big bank bailout, Green Party co-leader Russel Norman said. The country’s Finance Minister Bill English supports the open bank resolution. "Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand," said Norman, adding that...