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Media Statement: Equitable Mortgages depositors must claim repayment by end of year

30 Nov 2011

Depositors of Equitable Mortgages (in receivership) have until the end of the year to make a claim for repayment under the Retail Deposit Guarantee Scheme.

Equitable Mortgages was placed into receivership on 26 November 2010, triggering the Crown guarantee.

The Treasury's Director, Commercial Transactions, Brian McCulloch, said that so far the Crown has paid more than $170 million to more than 3,700 Equitable Mortgages depositors, representing about 97% of eligible depositors and amounts owing.

"The Scheme provided for a deadline on claims in order to limit ongoing liabilities to taxpayers. Public notices are being published in newspapers and reminder letters are being sent to the last known addresses of depositors who haven't already lodged a claim", Dr McCulloch said.

He said that claims from Equitable Mortgages depositors made after 31 December 2011 would not be considered for repayment and would instead be referred to the Equitable Mortgages receiver.

"Anyone who needs a claim form can contact the Treasury's Equitable Mortgages helpline by telephoning 0800 650 034", Dr McCulloch said.

More Information

Equitable Mortgages - Repayment Information for Depositors

Media contact:

Angus Barclay | Senior Communications Advisor
Tel: +64 4 917 6146
Email: angus.barclay@treasury.govt.nz
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