In October 2010 and April 2011 the Treasury released information in response to Official Information Act (OIA) requests received by the Treasury and the Minister of Finance relating to the participation of South Canterbury Finance Ltd (SCF) in the Retail Deposit Guarantee Scheme, including the company's default and the triggering of the Crown guarantee.
The initial information release on 15 October 2010 included Treasury and Reserve Bank advice to Ministers; correspondence with South Canterbury Finance Ltd; reports and advice to the Treasury from external parties; and correspondence with Trustees Executors Ltd (the Trustee) and the receivers of South Canterbury Finance Ltd.
Links to material that has previously been released, such as signed deeds and Treasury advice to Ministers, are included for completeness.
The Reserve Bank of New Zealand also released material relating to South Canterbury Finance Limited on 1 November 2010. See: Reserve Bank of New Zealand Information release: South Canterbury Finance (Reserve Bank of New Zealand website).
The Treasury's second South Canterbury Finance information release on 14 April 2011 covers the entire period of SCF's participation in the Retail Deposit Guarantee Scheme and includes emails. Some new documents have been inserted in chronological order into the three sections initially published on 15 October 2010 and two new sections covering intervening periods have been created.
The Treasury has prepared a Chronology of South Canterbury Finance Limited in the Crown Retail Deposit Guarantee Scheme.
Sections of Documents#
The Treasury's information release is organised into five sections of documents relating to the following periods:
- Section 1 - Application by SCF to Enter the Retail Deposit Guarantee Scheme - 14 October to 18 November 2008:
- Covering the initial application by South Canterbury Finance Ltd to join the Retail Deposit Guarantee Scheme and the subsequent approval by the Crown.
- Section 1a - Initial Participation by SCF in the Retail Deposit Guarantee Scheme - 2 December 2008 to 13 January 2010.
- Section 2 - Application by SCF for the Extended Scheme - 18 January to 30 April 2010:
- Section 2a - Ongoing Participation by SCF in the Extended Scheme - May to 23 July 2010.
- Section 3 - Default of SCF and Triggering of the Crown Guarantee - 27 July to 23 September 2010:
- Covering the period when the Board of South Canterbury Finance Ltd asked Trustees Executors Ltd to appoint receivers, triggering payment by the Crown of approximately $1.6 billion to depositors under the Retail Deposit Guarantee Scheme.
- Information Withheld from the SCF Release
- An explanation of the grounds for withholding some information from this information release under the Official Information Act.