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Deposit Takers Act 2023

Depositor compensation scheme - Depositor Compensation Fund

198: What fund consists of

You could also call this:

"What's in the fund: money from levies, interest, investments, and other allowed sources."

Illustration for Deposit Takers Act 2023

The fund is made up of money from several sources. You get money in the fund from levies and interest collected under subpart 6. The fund also includes money from investments and any interest earned from those investments.

The fund has money from exercising certain rights under subpart 4 and money provided under subpart 8. You can also put other money into the fund if it is allowed by law.

All these sources of money make up the fund, which is part of the depositor compensation scheme.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS506205.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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197: Fund owned and managed on behalf of Crown, or

"The government owns a fund, and a bank manages it for them."

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199: Payments out of fund, or

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Part 6Depositor compensation scheme
Depositor Compensation Fund

198What fund consists of

  1. The fund consists of—

  2. all levies and interest collected under subpart 6:
    1. fund investments:
      1. money accruing from the investment of the fund:
        1. money accruing from the exercise of the rights of subrogation under subpart 4:
          1. money provided under subpart 8:
            1. any other money that may be lawfully payable into the fund.