Marac Finance Ltd said it has been approved under the
extended Crown Retail Deposit Guarantee Scheme. Marac is a
subsidiary of listed company Pyne Gould Corp. The extended
scheme covers deposits by eligible investors through to
December 31, 2011.
"Marac is pleased to have been among the first to be approved
under the guarantee having met the qualifying criteria," said
chief executive Jeff Greenslade.
Whilst the extended Crown guarantee would provide investors
with comfort,
Marac was confident it had the strength to
stand on its own.
Under the extended guarantee finance companies can offer both
guaranteed and non-guaranteed deposits. The maximum amount
covered by the guarantee to $250,000 per eligible investor
for non-bank deposit takers.
The Government said yesterday it was ending its wholesale
funding guarantee in April. The facility helped banks raise
funding during the global financial crisis. Finance Minister
Bill English said yesterday that it was no longer needed.
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