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Media StatementAllied Nationwide Finance depositors covered by Crown guarantee

20 Aug 2010

All eligible Allied Nationwide Finance depositors will get the money they are entitled to under the Crown retail deposit guarantee scheme, Treasury Deputy Secretary Financial Operations Philip Combes said today.

The trustee for Allied Nationwide Finance has receivers to the company, which is a default triggering the Crown’s guarantee.

Eligible depositors with Allied Nationwide Finance will be contacted by the Treasury and provided with information about how to claim under the terms of the Crown retail deposit guarantee.

"The Crown stands fully behind its guarantee commitments, and we expect an orderly process of payment to eligible Allied Nationwide Finance depositors," said Mr Combes. 

Mr Combes said the first step in the process was gathering and verifying information about who is owed money and how much each depositor is owed. This involves receivers, bankers, trustees, lawyers and other parties and the process could take 2-3 months to complete.

"When the Treasury has obtained the information we need, we will contact depositors and inform them about how to claim for repayment," said Mr Combes.

"We are working to repay eligible depositors in a timely manner and ask depositors to be patient," he said.

Allied Nationwide Finance is a Wellington headquartered financial institution with around 4,500 depositors and approximately $130 million in deposits.

See Claims Process - Retail Deposit Guarantee Scheme for more information.

News media contact:

Angus Barclay | Senior Communications Advisor
Tel: +64 4 917 6146
Mob: +64 (027) 337 1102
Email: angus.barclay@treasury.govt.nz
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