The donation will provide 25,000 torch radios for quake-affected families and better training for Red Cross support staff.

Philanthropic funds and supporting foundations often form the centrepiece of a tax-wise charitable plan for investors. However, the concept of giving is not always so popular during uncertain economic times.

But that hasn’t stopped the University of Canterbury, which recently launched this country's first philanthropic bond issue, offering a range of different options for investors.

The bond offer was fully subscribed, raising $50 million, and the securities were today listed on the NZX debt market.

The government is working on introducing a charitable donation system run through corporate payrolls.

The scheme would allow employees to voluntarily donate part of their pay and immediately receive a tax rebate in their pay packet.

This was one of the ideas raised by Prime Minister John Key in a speech to the Philanthropy New Zealand conference yesterday.

It’s an idea that was first mooted and consulted on back in late 2007/early 2008.