The Treasury has approved two more building societies for the extended retail deposit guarantee scheme.The Southern Cross Building Society and the Canterbury Building Society join six other entities approved for the extension scheme, which starts immediat
The Treasury has approved two more building societies for the extended retail deposit guarantee scheme.
The Southern Cross Building Society and the Canterbury Building Society join six other entities approved for the extension scheme, which starts immediately after the current retail deposit guarantee scheme ends on October 12.
Under the terms of the Crown's guarantee, eligible depositors will be repaid up to a maximum of $250,000 each if the guaranteed institution fails to pay depositors back money they are owed.
The extension scheme will run to the end of 2011.
