Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Crown Asset Management acquires SCF assets

MEDIA STATEMENT

Crown Asset Management acquires SCF assets

Crown Asset Management Limited has acquired South Canterbury Finance’s non-cash assets from the company’s Receivers. The non-cash assets acquired by the Crown include:

• The portfolio of remaining loans in the Bad Bank loan book
• Sundry equity investments
• Remaining property investments

No cash will be paid to complete the acquisition, with settlement by way of the Crown releasing some of the debt that SCF owes after the Crown paid depositors $1.58 billion under the terms of the now-expired Retail Deposit Guarantee Scheme.

The Government last year announced that it would set up CAML to manage these assets. Now that it has acquired assets from SCF’s Receivers, negotiations will commence with Receivers of other finance companies that were in the Retail Deposit Guarantee Scheme to acquire those assets.


CAML Chairman Gary Traveller said the company would use premises in Christchurch that were previously occupied by SCF and would continue to use staff who had been working for the Receivers on loan recoveries. CAML’s day-to-day operations would be run by General Manager Sharon Burleigh.

Mr Traveller said CAML would be self funding, with operating costs covered by the revenue it generates from realisation of assets and from repayments of loans that it has acquired. As with other Crown companies, CAML operates at arm’s length from shareholding Ministers to ensure it has a commercial focus.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news