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

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news