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The Bank Deposit Government Guarantee is a crucial document in New Zealand's financial system that formalizes the government's commitment to protecting eligible bank deposits. This agreement is essential for financial institutions operating under New Zealand's deposit protection scheme, providing security for depositors up to NZD 100,000 per depositor, per institution. The document becomes relevant when a bank registers as a deposit taker and seeks government protection for its depositors' funds. It contains detailed provisions about coverage limits, eligible deposits, claim procedures, reporting requirements, and the obligations of both the government and the financial institution. The guarantee forms part of New Zealand's wider financial stability framework and must comply with requirements set by the Reserve Bank of New Zealand.

1. Parties: Identifies the parties to the agreement: the Government of New Zealand (as guarantor) and the registered bank (as deposit taker)

2. Background: Sets out the context of the guarantee scheme, including reference to relevant legislation and the bank's status as a registered deposit taker

3. Definitions: Defines key terms used throughout the document, including 'Protected Deposit', 'Guarantee', 'Trigger Event', and 'Maximum Coverage Amount'

4. Scope of Guarantee: Details what deposits are covered, maximum coverage amounts, and any exclusions from coverage

5. Term and Effectiveness: Specifies the duration of the guarantee and when it becomes effective

6. Bank's Obligations: Sets out the ongoing obligations of the bank, including reporting requirements, compliance with banking regulations, and payment of any guarantee fees

7. Claims Process: Details the process for making claims under the guarantee, including notification requirements and payment procedures

8. Payment Obligations: Specifies how and when payments will be made under the guarantee

9. Information and Reporting: Outlines the bank's ongoing reporting obligations and information requirements

10. Representations and Warranties: Contains standard representations and warranties from the bank

11. Events of Default: Defines what constitutes a default and the consequences thereof

12. Termination: Sets out circumstances under which the guarantee may be terminated and the process for termination