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$21m to be released from Access Brokerage account

First $21 million to be released from Access Brokerage Trust deposit account

The liquidators of Access Brokerage Limited (Access) and Bank of New Zealand have today agreed a process to allow the partial release of funds held in the Access Trust deposit accounts at Bank of New Zealand. It is anticipated these funds will be available late next week.

Bank of New Zealand Head of Corporate Management, Alan Adcock, says the Bank is delighted that Access’ customers will now have some immediate relief from the uncertainty that has surrounded the holding of funds in the Access Trust deposit account.

Under the agreed arrangements nearly 75 percent of Access’ customers, who hold balances of less than $1000, will be paid out in full next week.

The remaining customers (approximately 2,500) will receive 60 percent of their balances now, with the remaining 40 percent retained by the liquidator while remaining legal issues are resolved.

To facilitate the payments, full customer account details and amounts will be extracted from Access’ files by the liquidator and provided to Bank of New Zealand for processing.

Mr Adcock also said the liquidator has announced that he intends to lodge an application in the High Court next week to ensure that the balance of the fund was distributed as soon as possible.

“This has been a very difficult time for customers of Access, and these arrangements provide immediate resolution for as many of the affected people as possible. We recognise that this leaves other Access customers with unresolved issues, and we are hopeful they are settled soon.”

“We are delighted at this initial progress, which sees over $21 million of funds released, and hope the remaining issues can be resolved soon,” said Mr Adcock.

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