EQC To Spread Portfolio Risk

Thursday, 1 November 2001, 11:13 am
Press Release: New Zealand Government

Finance Minister Michael Cullen today allowed the Earthquake Commission to diversify its $4 billion Natural Disaster Fund to include up to 35 percent in global equities.

“It makes sense for the EQC to hold assets off shore,” Dr Cullen said.

“In the event of a major earthquake, these investments would provide an important buffer as they would hold their value and could be sold quickly.”

The remainder of the Fund would continue to be held in New Zealand in government stock and cash.

"EQC will be required to invest the Fund on a prudent, commercial basis,
consistent with best practice portfolio management.

“It will be required to maximise the return on its investment without undue risk to the Fund as a whole and without endangering New Zealand's reputation
as a responsible member of the world community.

"The Commission will now work with its advisors to construct a suitable
portfolio and appoint global equity managers," Dr Cullen said.

Ends

Join the Scoop Citizen Community

20 years of independent publishing is a milestone, but your support is essential to keep Scoop thriving. We are building on our offering with thedig.nz our new In-depth Engaged Journalism platform. Now, more than ever sustainable financial support of the Scoop Foundation for Public Interest Journalism will help to keep these vital and participatory media services running.
Find out more and join us:

Become a member Find out more

Find more from New Zealand Government on InfoPages.

Parliament Headlines | Politics Headlines | Regional Headlines

NEW ZEALAND POLITICS

Gordon Campbell: On Why The Public Doesn't Always Do As Told, Even In 24 Languages

Today we were told that the Covid vaccines available to New Zealand are both halal and kosher. Good to know. And good to officially recognise that we’re no longer living in a monoculture. Reportedly, the government is putting its Covid messages in 24 different languages on its website. Yet according to its critics that’s not enough. Supposedly, we could have avoided the need for the latest lockdowns entirely if only the government had shown better communications skills... More>>

ALSO:

ACT - There's Got To Be A Better Way
SenateSHJ- Call To Set Clear Path Out Of Covid
General Practice NZ - Call For Improved Planning In Vaccine Rollout To Frontline Workers
Office of the Auditor-General - Call For Improved Planning In Vaccine Rollout To Frontline Workers

Government: Next Stage Of COVID-19 Support For Business And Workers

The Government has confirmed details of COVID-19 support for business and workers following the increased alert levels due to a resurgence of the virus over the weekend... More>>

ALSO:

National - National Calls For New Self-Isolation Payment
E Tu- Support Grows For Workers To Be Paid 100% Through Covid
BusinessNZ- Wage Subsidy Returns

Government: PHARMAC Review Announced

The Government is following through on an election promise to conduct an independent review into PHARMAC, Prime Minister Jacinda Ardern and Health Minister Andrew Little announced today... More>>

ALSO:

ACT - Pharmac Review A Victory For ACT
Maori Council - Welcomes Pharmac Review

Government: Main Benefits To Increase In Line With Wages

All measures of child poverty were trending downwards, prior to the COVID-19 lockdown, across the two years since year ended June 2018, Stats NZ said today. The COVID-19 lockdown in late March 2020 affected Stats NZ’s ability to collect data from households ... More>>

Covid-19: Auckland Back To Alert Level Three After One New Community Case Revealed

Auckland will move to alert level three for a week at 6am tomorrow morning after two new Covid-19 community cases announced this evening could not be directly linked to earlier cases, the Prime Minister has confirmed.
The rest of the country will move to level two.... More>>

NZ Initiative: New Report Highlights How Our Housing Crisis Could Worsen If We Don’t Act Now

If New Zealand politicians thought the housing crisis in 2020 was bad, the worst is yet to come, warns a new report by The New Zealand Initiative. In The Need to Build: The demographic drivers of housing demand , Research Assistant Leonard Hong ... More>>

Parliament: Kiwi MPs Among The “Most Educated In The World”

New analysis of MP qualifications reveals New Zealand’s Parliament is one of the most educated and highest qualified in the world, and significantly more educated than Australia’s. The research, by Mark Blackham of BlacklandPR and Geoffrey Miller ... More>>

The Dig: An Illogical Ideological Struggle

Dig beneath all the trade wars and the arguments to the effect that the USA should not permit China to achieve economic and technological superiority, or even parity, and you find the real reason behind the conflict... More>>

Join ScoopPro

Submit News / Press Releases

Join ScoopCitizen