Did the Deposits Go Wrong?

The 4 rural banks that eventually froze up were able to draw funding from around the province and even neighbouring provinces. For this reason when things went wrong it immediately mattered to more than just local rural communities. Financial regulators began ordering partial payments to local depositors two days later. Small depositors were repaid first and every week or two repayments were announced for accounts of increasing size. The deposit insurance fund management company said that the online deposits were not insured as they had not been banking deposits.