High Court sits vac – it looks like we don’t qualify but (while we live off our nest eggs) our bank deposits will be better protected

Latest from the Beehive

The Government opened up a great career opportunity yesterday at much the same time as it announced an initiative to protect – within limits – our savings.

The job opportunity (which excited us here, at Point of Order, until we were alerted to the age limit likely to be applied) is to become a judge.

Attorney-General David Parker has called for nominations and expressions of interest in appointment to the High Court Bench.

On the savings front, under legislation introduced in Parliament yesterday, New Zealanders will have up to $100,000 of their deposits in any eligible institution guaranteed in the event the institution fails.

Those announcements are to be found on the Beehive websiete along with news that …

  • Nanaia Mahuta and Damien O’Connor are pumping $10 million into a climate change initiative in Latin America and Caribbean.

The $10 million is our contribution “to build resilience, enhance food security and address the challenges of climate change for small-scale primary producers in the region”.

The ministers referred to “New Zealand’s scaled-up climate finance commitment” which is directed at countries that are most vulnerable to the climate emergency through loss of ecosystems or biodiversity, food and water insecurity, and economic impacts on livelihoods.

  • Rino Tirikatane is celebrating the 30th anniversary of the Fisheries Deed of Settlement.

Tirikatane (readers might recall) is the fellow who championed the legislation that entitles one group of Canterbury citizens to APPOINT their own representatives on the Canterbury Regional Council, thereby avoiding the need for them to campaign for votes.

He relishes the notion of “partnership” and now – as Parliamentary Under-Secretary to the Minister for Oceans and Fisheries – he is celebrating “a truly historic partnership that has helped transform communities”.

“In addition partnering in managing New Zealand’s fisheries, Māori are now key players in fisheries, owning approximately 40 per cent of commercial fisheries, 100 per cent of customary fisheries and making up a good proportion of the recreational fishing sector.:

Among its provisions, the agreement allocated to Māori 20 per cent of all new species entering the Quota Management System for commercial fishing

  • David Parker is dishing up favours from the $50 million Plastics Innovation Fund

The fund was set up last year for projects that will cut plastic waste and reduce its impact on the environment.

Total funding for the four projects named by Parker amounts to $5.57 million.

  • Aupito William Sio has set up a $14.2million Fund for building projects (but only to house Pacific families)

By injecting a Samoan word into his press statement (headed New fund to help more Pacific aiga into their own homes) Sio is also obliging us to look up the meaning of what he is saying.

The Pacific Building Affordable Homes Fund will help organisations, private developers, Māori/iwi, and NGOs build affordable housing for Pacific families (or aiga) and establish better pathways to home ownership within Pacific communities.

But let’s return to the job opportunity up for grabs – for anyone who fancies becoming a High Court Judge.

Under the Senior Courts Act 2016, however, Judges must retire on attaining the age of 70 years, although they may be appointed an acting Judge. This plainly is an impediment to the prospects of Point of Order team members.  They suspect their lack of law degrees might be a handicap, too – and is it still necessary to have a good grasp of Latin?

Our writers therefore must continue to live off their national super  and their nest eggs, which is a segue to the announcement from Finance Minister Grant Robertson.

Under legislation introduced in Parliament yesterday, New Zealanders will have up to $100,000 of their deposits in any eligible institution guaranteed in the event that institution fails.

The Deposit Takers Bill is the third piece of legislation in what he described as a comprehensive review of the Reserve Bank of New Zealand Act.

The Bill has been the subject of two rounds of public consultation. It bring all deposit takers (such as banks, credit unions, building societies and finance companies) under one set of rules and protects New Zealanders’ money through the introduction of a depositor compensation scheme.

“The absence of depositor protection has been a long-standing gap in New Zealand’s financial safety net. This legislation closes that gap and brings New Zealand in line with international practices,” Grant Robertson said.

It provides economic security for eligible New Zealanders if their bank or other deposit taking institution fails while helping protect the country’s financial system and wider economy.

The $100,000 limit has been doubled after consultation and will fully protect 93 percent of depositors.

The scheme will be pre-funded by levies on deposit takers and supported by a Crown backstop.

Officials are currently exploring options for setting the required size of the fund. Approaches taken by other countries range from 0.3 percent to 5 percent of covered deposits built up over a five to 20 year period.

Readers with time to spare who are keen to learn more could tap into interest.co.nz’s Of Interest Podcast, to hear what deposit insurance is and what its objectives are from Geoff Mortlock,  an international financial regulatory consultant.

Among other things, Mortlock explains why it has taken NZ so long to adopt deposit insurance. According to the International Association of Deposit Insurers, at least 145 jurisdictions have some form of explicit deposit insurance.

Latest from the Beehive

23 SEPTEMBER 2022

Partnership supports climate action in Latin America and Caribbean

Aotearoa New Zealand is extending the reach of its support for climate action to a new agriculture initiative with partners in Latin America and the Caribbean.

Landmark agreement for Māori fisheries celebrates 30th year

The 30th anniversary of the Fisheries Deed of Settlement is a time to celebrate a truly historic partnership that has helped transform communities.

Government backs initiatives to cut environmental impact of plastic waste

The Government has today announced funding for projects that will cut plastic waste and reduce its impact on the environment.

22 SEPTEMBER 2022

Call for expressions of interest in appointment to the High Court Bench

Attorney-General David Parker today called for nominations and expressions of interest in appointment to the High Court Bench.

Depositor compensation scheme protects Kiwis’ money

New Zealanders will have up to $100,000 of their deposits in any eligible institution guaranteed in the event that institution fails, under legislation introduced in Parliament today.

New fund to help more Pacific aiga into their own homes

The Government has launched a new housing fund that will help more Pacific aiga achieve the dream of home ownership

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