The excellent Eric Crampton sends me this by email:
NZ’s wound down the temporary deposit insurance we had in place post 2008 in favour of Open Banking Resolution: freeze a part of all deposits, keep the banks open, liquidate the shareholders and unsecured creditors, then (if necessary) haircut the depositors.
The Greens here have been comparing it to Cyprus, which is obviously rather different.
Anyway, if interested:
TVHE critique (on credibility): http://www.tvhe.co.nz/2013/03/21/political-equilibrium-obr-and-deposit-insurance
A 10-yr old piece by then RBNZ Deputy Governor, now U Canterbury Vice Chancellor, Rod Carr, on related topics: http://www.rbnz.govt.nz/speeches/0104984.html
Here, the Reserve Bank distances its policies from those of Cyprus.