Hon Jim Anderton
Minister in charge of the Public Trust Office

News Release

2 February 1999

Public Trust poised for new era of growth

The Government says the role of the Public Trust will change over the next two years.

Briefing papers prepared for the incoming Minister in charge of the Public Trust Office were released today.

Jim Anderton said the Public Trust would be modernised to allow it to improve and modernise the range of services it provides.

The Public Trust manages $6 billion worth of assets, has public trust reserves of $86 million and posted an after tax surplus of 1.6 million in the last financial year. It has 350,000 customers.

“The Public Trust operates under a very large number of legislative provisions, some of which are outdated," Jim Anderton said.

“While the Public Trust will be undergoing a period of change it will not be established as an SOE and will not be privatised.

"Instead it could expand the range of financial and legal services it offers," Jim Anderton said.

ENDS

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