Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search


LGFA’S great start good news for ratepayers, says LGNZ


LGFA’S great start good news for ratepayers, says LGNZ

16 FEBRUARY 2012

Local Government New Zealand (LGNZ) says the success of yesterday’s Local Government Funding Agency’s (LGFA) bonds issue is good news for many ratepayers.

“The 18 councils that own 80 percent of the Agency will be able to borrow money at cheaper rates, which means there will be less pressure on council rates,” said LGNZ President, Lawrence Yule.

The LGFA bonds issued yesterday had an overbid rate of 4.4 – $1.32 billion was bid on $300 million worth of bonds.

“This huge financial buy in to the future of local government is a vote of confidence in our sector, “Mr Yule said.

“Also, the positive response from investors highlights how local government plays a pivotal role in supporting the Government’s economic growth agenda.”

The LGFA, which came into being on 1 December, is also 20 per cent owned by the Government and the cheaper financing is possible because, among other reasons, offshore borrowing for use by councils has been allowed for the first time.


Notes to editors

1. The LGFA’s primary purpose is to provide more efficient funding costs and diversified funding sources (including foreign currency) for New Zealand local authorities

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Minister of Finance: Plan Shows $100 Billion Infrastructure Projects

Finance Minister Bill English has today launched the Government’s Ten Year Capital Intentions Plan (CIP) which shows a pipeline of $100.9 billion worth of infrastructure projects over the next decade. More>>


Werewolf: Safe Landings Gordon Campbell on the safety challenge to the Wellington runway extension.

The safety-related legal challenge revolves around the size of the 90 metre long Runway End Safety Area (RESA) being proposed for the runway extension. More>>


Environment Commissioner: We Need To Work Together On Climate Change And Farming

“The debate around agricultural emissions and the ETS has been polarised for too long,” said the Commissioner. “But the ETS is not the only way forward – there are other things that can be done.” More>>


NZ Super Fund: Seeking To Put A Market Price On Climate Change

Oct. 19 (BusinessDesk) - The New Zealand Superannuation Fund says it will devise a set of rules to assess investment winners and losers under climate change, a strategy that could rule out fossil fuels or producers such as current portfolio member Exxon ... More>>


Rejuvenation: Parata Will Not Contest 2017 Election

Education Minister and National List MP Hekia Parata has today announced that she will not be contesting the next election. She advised the Prime Minister of her decision earlier this year. More>>

Prisons Grow: Government Approves Plans For Increased Prison Capacity

Despite significant progress in reducing crime the number of prisoners has increased faster than projected. This is because the proportion of offenders charged with serious crimes has risen, meaning more people are being remanded in custody and serving more of their sentences in prison. More>>


Gordon Campbell: On Plastic Bag Activism, And Street Harassment

Amusing to see the Act Party experiencing another outbreak of young fogey-ism. What has aroused the ire of Act Leader David Seymour this time is the introduction of a Greens private members bill to the ballot process, calling for a 15 cents levy on plastic bags to reduce pollution. More>>


Unclear Weapons: US Navy Ship Cleared To Visit NZ For Navy's 75th

United States Navy ship, the USS Sampson, has been given clearance to visit New Zealand next month by Prime Minister John Key... “The process for considering the visit by the USS Sampson is the same as that used for all ships attending the International Naval Review." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news