Marac applies for deposit guarantee scheme
14th Oct 08, 2:06pm
Marac Finance has announced it will apply for the new deposit guarantee scheme. Marac is the third largest finance companies in New Zealand and is owned by Pyne Gould Corporation (PGC) Limited, which has announced its intention to apply for a banking licence. PGC is also applying for the guarantee scheme. Here is the statement from Marac Finance:
MARAC Finance Limited intends to opt-in to the New Zealand deposit guarantee scheme announced on Sunday. Brian Jolliffe, Managing Director of MARAC comments: "We see the move by the Government to guarantee investments as a positive one. We will be opting into the deposit guarantee scheme as we believe investors will look to invest with financial institutions that are participating in the scheme so they have the assurance of knowing their funds are safe. Financial institutions also need to step up to the plate to increase investor confidence. MARAC has a BBB- (Stable)* credit rating from Standard & Poor's, and our parent company, Pyne Gould Corporation Limited (PGC), announced on 30 September, its intention to apply for a banking licence. These are two ways we are providing investors with even greater reassurance about the financial integrity and credibility of our business and opting into the deposit guarantee scheme further supports this."