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Media Advisory: Crown Withdraws Guarantee for PGG Wrightson Finance Limited

5 Sep 2011

The Crown has withdrawn the Crown retail deposit guarantee to PGG Wrightson Finance. This follows completion of arrangements for the acquisition of PGG Wrightson Finance by Heartland Building Society on 31 August 2011.

There has been no default in relation to PGG Wrightson Finance, but  there is no longer a practical need to maintain the guarantee for PGG Wrightson Finance, as all of its guaranteed obligations are now held by Heartland Building Society.

The Crown stands fully behind its guarantee commitments under the Extended Retail Deposit Guarantee Scheme, which comes to an end on 31 December 2011.

Media contact:

Angus Barclay | Senior Communications Advisor
Tel: +64 4 970 8624
Email: angus.barclay@treasury.govt.nz
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