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Information release

Section 3 - Default of SCF and Triggering of the Crown Guarantee - South Canterbury Finance Ltd Information Release

Issue date: 
Thursday, 14 April 2011
Status: 
Not Current
Version note: 

This information release page and its linked files are no longer actively updated. They remain publicly available but have 'Archived' status in accordance with the New Zealand Government Web Usability Standard 1.3 (1 July 2019).

Corporate author: 
View point: 

Documents on this page cover the period August to October 2010 when the Board of South Canterbury Finance (SCF) asked Trustees Executors Ltd to appoint receivers, triggering payment by the Crown to depositors under the Retail Deposit Guarantee Scheme.

This page is part of a wider information release on the participation of South Canterbury Finance Ltd in the Retail Deposit Guarantee Scheme, including the company's default and the triggering of the Crown guarantee.

The sections of the SCF information release are:

Documents

Accessible versions

Documents are available in Adobe PDF format only. Please contact [email protected] to request HTML versions.

Doc. Date Title View/Download
Jul 2010 Report from KordaMentha to the Treasury: South Canterbury Finance Limited
Released 7 June 2011
scf-1902790v2.pdf (2.3 MB)

[27 Jul 2010] File Note by the Treasury: [Treasury and Companies Office Meeting on SCF Held on 27 July 2010] scf-f-tsy-27jul10.pdf (26 KB)

27 Jul 2010 Letter from the Treasury to South Canterbury Finance: South Canterbury Finance Limted (SCF)
Released 14 April 2011
scf-1874911.pdf (83 KB)

27 Jul 2010 Letter from the Treasury to KordaMentha: Appointment of KordaMentha and McGrath Nicol as Inspectors under Clause 6.5 of the Crown Deed of Guarantee in Relation to South Canterbury Finance Limited
Released 14 April 2011
scf-1874981.pdf (124 KB)

[29 Jul 2010] Letter from the Treasury to South Canterbury Finance: Crown Request for Information under clauses 4.1 and 6.4 of Crown Deed of Guarantee (Non-Bank Deposit Taker)
Released 14 April 2011
scf-1875969.pdf (54 KB)

29 Jul 2010 Email with Attachment(s) from the Reserve Bank to the Treasury: SCF Liquidity Data
Released 14 April 2011
scf-1876301.pdf (80 KB)

30 Jul 2010 Email with Attachment(s) from Bell Gully to the Treasury: South Canterbury Finance Limited - Application for Nominated Beneficiary
Released 14 April 2011
scf-1914530.pdf (90 KB)

2 Aug 2010 Letter from the Treasury to South Canterbury Finance: Crown Request for Information under Clauses 4.1 and 6.4 of the Crown Deed of Guarantee (Non-Bank Deposit Taker) scf-l-tsy-scf-2aug10.pdf (26 KB)

[3 Aug 2010] File Note by the Treasury: [Status of South Canterbury Finance Ltd - RBNZ Update] scf-f-tsy-3aug10.pdf (23 KB)

[3 Aug 2010] Document by the Treasury: Recommendation for Retail Deposit Scheme Provision for the Year Ending June 2010 scf-d-tsy-3aug10.pdf (575 KB)

3 Aug 2010 Treasury Report T2010/1435 by the Treasury: Retail Deposit Guarantee Scheme - Update and Timeline scf-t2010-1435.pdf (138 KB)

3 Aug 2010 Treasury Report T2010/1436 by the Treasury: South Canterbury Finance Limited (SCF) - Liquidity Support scf-t2010-1436.pdf (419 KB)

4 Aug 2010 Letter from the Treasury to Trustees Executors Ltd: Crown Retail Deposit Guarantee Scheme - South Canterbury Finance Limited Trust Deed Dated 12 April 1976 (As Amended) scf-l-tsy-te-4aug10.pdf (286 KB)

[5 Aug 2010] Spreadsheet by the Treasury: [Analysis of SCF Options ii] scf-x-tsy-5aug10.pdf (55 KB)

[6 Aug 2010] Document by the Treasury: [South Canterbury Finance Cash and Future Value of Distributions under Part Pay Via Loan] scf-d-tsy-6aug10.pdf (27 KB)

[12 Aug 2010] Document by the Treasury: Comparison of Standard Payout with Full Payout - Financial Impacts scf-d-tsy-12aug10.pdf (43 KB)

[13 Aug 2010] Document by the Treasury: Post Acceleration Interest [Issues] scf-d-tsy-13aug10-p.pdf (61 KB)

13 Aug 2010 Treasury Report T2010/1509 by the Treasury: Reducing Post-Acceleration Interest Costs Under the Retail Deposit Guarantee Scheme scf-t2010-1509.pdf (218 KB)

[13 Aug 2010] Document by the Treasury: Retail Deposit Guarantee Scheme: Cashflow Projections for Investor Payout (including Post Acceleration Interest) and Receiver Distributions scf-d-tsy-13aug10-r.pdf (58 KB)

[16 Aug 2010] Agreement between the Treasury and KordaMentha, McGrath Nicol & Partners (NZ) Ltd: [Draft Agreement for Register Audit Services] scf-a-tsy-kmm-16aug10.pdf (184 KB)

16 Aug 2010 Email from the Treasury to the Office of the Minister of Finance: Re: Treasury Report: Reducing Post-Acceleration Interest Costs under the Retail Deposit Guarantee Scheme
Released 14 April 2011
scf-2044145.pdf (97 KB)

17 Aug 2010 Letter from the Treasury to KordaMentha, McGrath Nicol & Partners (NZ) Ltd: Appointment of KordaMentha and McGrath Nicol as Inspectors under Clause 6.5of the Crown Deed of Guarantee in Relation to South Canterbury Finance Limited scf-l-tsy-kmm-17aug10.pdf (201 KB)

18 Aug 2010 Email from the Treasury to the Treasury and the Office of the Minister of Finance: SCF Update
Released 14 April 2011
scf-2044144.pdf (51 KB)

19 Aug 2010 Email with Attachment(s) by the Office of the Minister of Finance: FW South Canterbury Finance - [Proposal] Letter
Released 14 April 2011
scf-2044149.pdf (500 KB)

[20 Aug 2010] Document by the Treasury: [South Canterbury Finance] Resolution Options scf-d-tsy-20aug10.pdf (40 KB)

20 Aug 2010 Email from the Treasury to the Treasury and the Office of the Minister of Finance: SCF
Released 14 April 2011
scf-2044143.pdf (50 KB)

23 Aug 2010 Letter by the Treasury: [Appointment of a Consultant to Treasury in Relation to South Canterbury Finance Limited] scf-l-tsy-23aug10.pdf (187 KB)

24 Aug 2010 Treasury Report T2010/1586 by the Treasury: Treasury Report - SCF Resolution Options scf-t2010-1586.pdf (334 KB)

[25 Aug 2010] Document by the Treasury: Comparison of Standard Payout with Full Payout - Financial Impacts [for the Cabinet Paper] scf-d-tsy-25aug10-a.pdf (44 KB)

[25 Aug 2010] Document by Standard & Poor's: Research Update: South Canterbury Finance Ltd [Rating Report]
Report is dated 20 August 2010, date listed is the date it was received by the Treasury.
scf-d-sp-25aug10.pdf (387 KB)

[25 Aug 2010] Document by the Treasury: South Canterbury Finance: Post Acceleration Interest scf-d-tsy-25aug10-b.pdf (13 KB)

25 Aug 2010 Email from the Office of the Minister of Finance to the Treasury: DGS Issue
Released 14 April 2011
scf-2044139.pdf (38 KB)

26 Aug 2010 Letter from the Treasury to South Canterbury Finance: [Crown Declining to Support Recapitalisation Proposal] scf-l-tsy-scf-26aug10.pdf (57 KB)

26 Aug 2010 Treasury Report T2010/1591 by the Treasury: Cabinet Paper: Reducing Costs under the Crown Retail Deposit Guarantee Scheme scf-t2010-1591.pdf (186 KB)

26 Aug 2010 Cabinet Minute by Cabinet Office: Meeting of Ad hoc Group of Ministers: Reducing Costs under the Crown Retail Deposit Guarantee Scheme scf-min-cab-26aug10.pdf (401 KB)

26 Aug 2010 Letter from Trustees Executors Ltd to the Treasury: Re: Retail Deposit Guarantee Scheme - South Canterbury Finance - Deed of Nomination scf-l-te-tsy-26aug10.pdf (18 KB)

26 Aug 2010 Report from KordaMentha to the Treasury: South Canterbury Finance Limited scf-r-km-tsy-26aug10.pdf (1345 KB)

26 Aug 2010 Treasury Report T2010/1598 by the Treasury: South Canterbury Finance: Recapitalisation Proposal scf-t2010-1598.pdf (371 KB)

26 Aug 2010 Treasury Report T2010/1606 by the Treasury: Update on Post Acceleration Interest scf-t2010-1606.pdf (184 KB)

26 Aug 2010 Email with Attachment(s) from the Treasury to the Office of the Minister of Finance: Timeline
Released 14 April 2011
scf-2044131.pdf (53 KB)

27 Aug 2010 Letter from the Treasury to South Canterbury Finance: [Fiscal and Other Policy Considerations Associated with Crown Support for Recapitalisation of South Canterbury Finance Ltd] scf-l-tsy-scf-27aug10.pdf (203 KB)

27 Aug 2010 Letter from South Canterbury Finance to the Prime Minister, Minister of Finance and the Treasury: [Re: Treasury Letter of 26 August 2010] scf-l-scf-tsy-27aug10.pdf (189 KB)

27 Aug 2010 Document by the Treasury: South Canterbury Finance Limited: Estimate of Total Amount Payable to Trustee as at 27 August 2010: Register Balances as at 23 July 2010 scf-d-tsy-27aug10.pdf (13 KB)

27 Aug 2010 Email with Attachment(s) from the Office of the Minister of Finance to the Treasury: [Proposal Letter]
Released 14 April 2011
scf-2044127.pdf (213 KB)

27 Aug 2010 Email with Attachment(s) from the Treasury to the Office of the Minister of Finance: Re: South Canterbury Finance
Released 14 April 2011
scf-2044128.pdf (100 KB)

27 Aug 2010 Email from the Treasury to the Office of the Minister of Finance: Trading Halt
Released 14 April 2011
scf-2044129.pdf (48 KB)

28 Aug 2010 Memo by the Treasury: Guide to [SCF Purchase] Proposal scf-m-tsy-28aug10.pdf (61 KB)

30 Aug 2010 Cabinet Minute CAB Min (10) 31/23 by Cabinet Office: Additional Item: Reducing Costs under the Crown Retail Deposit Guarantee Scheme scf-cabmin-10-31-23.pdf (446 KB)

30 Aug 2010 Letter from Forysth Barr to the Treasury: Recapitalisation of South Canterbury Finance Limited scf-l-fb-tsy-30aug10.pdf (148 KB)

30 Aug 2010 Email with Attachment(s) from the Reserve Bank to the Office of the Minister of Finance: FW: SCF Ratings
Released 14 April 2011
scf-2044125.pdf (235 KB)

30 Aug 2010 Email by the Office of the Minister of Finance: FW: South Canterbury Finance / NZ Dairy Industry
Released 14 April 2011
scf-2044147.pdf (44 KB)

30 Aug 2010 Email by the Office of the Minister of Finance: Re: Ratings
Released 14 April 2011
scf-2044148.pdf (121 KB)

31 Aug 2010 Letter from Trustees Executors Ltd to the Receivers of South Canterbury Finance: Consent from Trustees Executors Limited to Borrowing under the Trust Deed scf-l-te-rscf-31aug10.pdf (157 KB)

31 Aug 2010 Agreement between Trustees Executors Ltd and the Crown: Crown Deeds of Guarantee - Payment and Deposit Terms scf-a-te-c-31aug10.pdf (639 KB)

[31 Aug 2010] Deed between the Crown and Charging Group Members and Trustees Executors Ltd: Deed of Priority scf-deed-c-cg-te-31aug10.pdf (470 KB)

[31 Aug 2010] Agreement between the Crown and the Receivers of South Canterbury Finance: Facilities Agreement scf-a-c-rscf-31aug10.pdf (833 KB)

[31 Aug 2010] Deed between the Crown and the Receivers of South Canterbury Finance: General Security and Guarantee Deed scf-deed-c-rscf-31aug10.pdf (1429 KB)

31 Aug 2010 Document by the Treasury: On Call Deposit Confirmation with Reference to Facilities Agreement Dated 31 August 2010 - South Canterbury Finance Ltd (in Receivership) scf-d-tsy-31aug10.pdf (31 KB)

31 Aug 2010 Memo by the Treasury: Payments Regarding Guarantee Scheme: South Canterbury Finance scf-m-tsy-31aug10.pdf (21 KB)

31 Aug 2010 Letter from Trustees Executors Ltd to South Canterbury Finance: South Canterbury Finance Limited - Notice of Acceleration of Payment scf-l-te-scf-31aug10.pdf (276 KB)

31 Aug 2010 Email from the Treasury to the Office of the Minister of Finance: Dairy Holdings Limited
Released 14 April 2011
scf-2044122.pdf (55 KB)

31 Aug 2010 Email from the Treasury to the Office of the Minister of Finance: FW: Fact File
Released 14 April 2011
scf-2044123.pdf (70 KB)

31 Aug 2010 Email with Attachment(s) from the Treasury to the Treasury and the Office of the Minister of Finance: FW: South Canterbury Finance - Draft Announcement
Released 14 April 2011
scf-2044124.pdf (102 KB)

1 Sep 2010 Letter from an External Consultant to the Treasury: Proposal Relating to South Canterbury Finance Ltd scf-l-x-tsy-1sep10.pdf (195 KB)

[1 Sep 2010] Document by the Treasury: SCF [Retail Deposit Guarantee Scheme] Fees Paid to Date scf-d-tsy-1sep10.pdf (33 KB)

1 Sep 2010 Memo from KordaMentha to the Treasury: South Canterbury Finance Offer scf-m-km-tsy-1sep10.pdf (690 KB)

1 Sep 2010 Treasury Report T2010/1625 by the Treasury: South Canterbury Finance: Managed Receivership scf-t2010-1625.pdf (173 KB)

1 Sep 2010 Email from the Treasury to the Treasury and the Office of the Minister of Finance: Re: South Canterbury Finance (In Receivership)
Released 14 April 2011
scf-2044120.pdf (82 KB)

1 Sep 2010 Email from the Treasury to the Office of the Minister of Finance: Re: Deposit Guarantee Scheme Fee
Released 14 April 2011
scf-2044121.pdf (173 KB)

2 Sep 2010 Fax by the Treasury: On Call Deposit Confirmation with Reference to Facilities Agreement Dated 31 August 2010 - South Canterbury Finance Ltd (in Receivership) scf-fx-tsy-2sep10.pdf (31 KB)

2 Sep 2010 Treasury Report T2010/1641 by the Treasury: South Canterbury Finance: Managed Receivership Strategy scf-t2010-1641.pdf (199 KB)

2 Sep 2010 Email from the Office of the Minister of Finance to the Treasury: [Phone] Call
Released 14 April 2011
scf-2044119.pdf (39 KB)

3 Sep 2010 File Note by the Treasury: SCF - Meeting of Treasury & Receivers scf-f-tsy-3sep10.pdf (33 KB)

10 Sep 2010 Email by the Treasury: South Canterbury Customers' Credit Lines Safe: Receivers
Released 14 April 2011
scf-2044111.pdf (52 KB)

11 Sep 2010 Email from the Treasury to the Treasury and the Office of the Minister of Finance: SCF Next Steps
Released 14 April 2011
scf-2044109.pdf (109 KB)

13 Sep 2010 Email from the Treasury to the Office of the Minister of Finance: Conflict of Interest
Released 14 April 2011
scf-2044105.pdf (50 KB)

[23 Sep 2010] Fax from the Treasury to Trustees Executors Ltd: On Call Deposit Confirmation scf-fx-tsy-te-23sep10.pdf (29 KB)

Last updated: 
Monday, 20 June 2011