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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: New Zealand to offer wholesale funding guarantee Reuters - Saturday, November 1 WELLINGTON, Nov 1 - The New Zealand government will offer a wholesale funding guarantee to support lending between banks, Finance Minister Michael Cullen said on Saturday. The guarantee comes three weeks after the government announced a similar NZ$150 billion facility to protect retail deposits held in banks, a move designed to soothe investor nerves over the global credit crisis. While New Zealand's banking system remains sound, investors remain averse to risk, and offering a guarantee brings New Zealand into line with other countries, Cullen said. "The decision will help to facilitate improved access to international funding markets for New Zealand banks, a key channel through which New Zealand's substantial external financing needs are met," Cullen said in a statement. Interbank lending across the globe froze up in the wake of high-profile bank failures, led by Lehman Brothers in September. No time limit was given for the plan's operation, with documents issued by the Treasury saying it would withdraw when funding markets return to relative normality for a sustained period. The optional facility will be open to financial institutions with an investment grade credit rating, and substantial New Zealand borrowing and lending operations. Fees will be between 85 and 250 basis points per annum, depending on the credit rating of the issuer, and the length of time the security being covered is issued for. The retail deposit plan announced on Oct. 12, has been signed up to by all of New Zealand's major banks. The plan has been offered for two years and is open to all retail deposits provided by banks and non-bank deposit takers. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Evidence of a recession piles higher with new dataAP - 1 hour 1 minute ago Column: Banks using government money for dealsAP - 1 hour 5 minutes ago China to be hit hard by global recession-Bank of China execReuters - 1 hour 5 minutes ago Boeing ordered to pay ICO $236 million in damagesAP - 1 hour 9 minutes ago Pakistan c.bank to buy T-bills in 2-day reverse-repoReuters - 1 hour 34 minutes ago Most Popular – Business Viewed Japan joins wave of rate cuts as recession fears grow Schwarzenegger mocks Obama as campaign home stretch heats up Australian F1 race posts record financial loss BBC chief quits, star presenter suspended over offensive prank When men see red, they see hot: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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