In a large Friday afternoon document dump, the Treasury has released a deluge of correspondence relating to South Canterbury Finance's participation in the Retail Deposit Guarantee Scheme and the company's attempts to recapitalise prior to receivership.An
In a large Friday afternoon document dump, the Treasury has released a deluge of correspondence relating to South Canterbury Finance’s participation in the Retail Deposit Guarantee Scheme and the company's attempts to recapitalise prior to receivership.
And this is just the beginning, with more papers expected both from Treasury and the Reserve Bank.
The documents cover three significant periods:
1. October and November 2008, covering the initial application by South Canterbury Finance to join the Retail Deposit Guarantee Scheme, and the subsequent approval by the Crown.
2. January to April 2010, covering the application by South Canterbury Finance to participate in the Extended Deposit Guarantee Scheme, and the subsequent approval by the Crown.
3. August to October 2010, covering the period when the board of South Canterbury Finance asked Trustees Executors Ltd to appoint receivers, triggering payment by the Crown to depositors under the Retail Deposit Guarantee Scheme.
Check back shortly for analysis by NBR business editor Duncan Bridgeman.
RAW DATA: Click here to view the documents.
