You may have noticed banks going bankrupt abroad. UK/ Ireland/ Europe have protection if their bank goes bankrupt. But NZ doesn't!
The Reserve Bank here says we don't need it as the Australian Banks that own most of NZ banks are secure.
I guess Australia is in a better situation than the rest of the world with it mining boom, but lets hope the banks are as successful.
Last time a bank in NZ went Bankrupt, the NZ government bailed them out. So fingers crossed those Australian Banks are nice and secure.
Remember KiwiBank is the only bank owned by an NZ company: NZ Post
