Supplier log in
DCS Alternative Deposit Taker (ADT)
Details
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Tender Closed
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Tender Cancelled
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| RFx ID : | 29326339 |
| Tender Name : | DCS Alternative Deposit Taker (ADT) |
| Reference # : | 2195 |
| Open Date : | Thursday, 2 May 2024 2:30 PM (Pacific/Auckland UTC+12:00) |
| Close Date : | Thursday, 6 June 2024 2:00 PM (Pacific/Auckland UTC+12:00) |
| Tender Type : | Request for Proposals (RFP) |
| Tender Coverage : | Sole Agency [?] |
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| Exemption Reason : | None |
| Required Pre-qualifications : | None |
| Contact : |
Deborah Kavanagh NA |
| Alternate Physical Delivery Address : | |
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15 May 2024
The RBNZ will be closing this RFP and terminating the procurement process for the alternative deposit taker to support the DCS Payout process at this stage.
Feedback from industry has indicated that a different approach is more suitable to achieve the right outcome.
RBNZ will facilitate a workshop in May with industry representatives to explore a co-design process which will benefit industry and depositors alike.
The outcomes of the workshop will guide the next steps and direction of the procurement and contracting approach for alternative deposit taker(s).
RBNZ remains on target for the DCS to be operational from June 2025
The Deposit Takers Act 2023 (DTA) will contribute to New Zealand’s financial stability and New Zealanders’ well-being and prosperity, by ensuring the safety and soundness of the deposit-taking sector. The new legislation brings New Zealand into line with our international peers and will give New Zealanders the confidence that their eligible deposits are protected.
To deliver our obligations under the Deposit Takers Act, from mid-2025, we will be introducing a Depositor Compensation Scheme (DCS) to protect up to $100,000 per depositor (customer) per deposit taker (financial institution) in the event of a failure. There is an opportunity for an Alternative Deposit Taker (ADT) to support us during a payout event to help facilitate the payment of compensation to depositors of a failed Deposit Taker on behalf of the DCS.
