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

 


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

MEDIA RELEASE

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.


ENDS


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

 

CPAG: Government Spends Over $100K Pursuing Beneficiary

For the past fifteen years, Kathryn, now in her fifties and living alone with chronic ill health on a benefit, has been challenging the decision by the MSD that she has to pay back $117,000. She has no assets or savings and cannot afford to pay for fresh food or therapy that would improve her health. More>>

ALSO:

Labour: National’s Cuts Shave $100K Off KiwiSaver By Retirement

New analysis shows National’s constant cuts to KiwiSaver will reduce the average worker’s retirement savings by $100,000 over their working life, Leader of the Opposition Andrew Little says... Since coming to office it has made five separate cuts to the scheme." More>>

ALSO:

Auckland: Transport Operators Switch From SuperGold To AT HOP Cards

Seniors using Auckland’s public transport will need to use their AT HOP cards from today but Auckland Transport has requested its operators to show understanding for those customers yet to complete the switch from SuperGold cards. More>>

ALSO:

Crime Stats: Burglary Up 11.9%

“While burglary rates are still below that of recent years, there has been an increase of more than 10 per cent over the past 12 months, which is of concern to Police and something we are determined to tackle,” says Police Commissioner Mike Bush. More>>

ALSO:

Help: Lifeline Aotearoa Fighting For Survival

Lifeline Aotearoa has announced it only has enough money to run for one more year. By 30 June 2017, all available sustainability reserves and funds from a new mortgage on its Auckland property will be exhausted. More>>

ALSO:

Overseas Investment: Auditor-General To Examine OIO

The Auditor-General is to examine how the Overseas Investment Office collects and manages information following a request from the parliament's finance and expenditure committee. More>>

ALSO:

Gordon Campbell: On Bill English Living In Denial

The working poor have been a direct byproduct of the economic policies in vogue for the past 30 years or more, all over the Western world... That anger was evident in the Brexit vote, and it underlies the support for Donald Trump in the United States. More>>

ALSO:

Final Reading Of Parental Leave Bill: Families With New Babies Victims Of Veto

“For the first time ever, a Bill will have a third reading debate and no vote will be taken at the end because the National Government has used its veto – an extreme measure against families,” says the Bill’s sponsor, Labour MP Sue Moroney. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news