Scoop  Parliament

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

© Scoop Media

 

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Roe v Wade Aftermath

Now that the right of US women to abortion (formerly protected by Roe v Wade) has been abolished, the important role of medication-induced abortion will come even more to the fore. Already, research by the Guttmacher Institute reproductive rights centre shows that over half of US abortions are obtained by medication. According to the US Food and Drug Administration and the World Health Organisation, the abortion pills can be safely self-administered at home within the first ten weeks of pregnancy, rather than via a surgical procedure carried out in a bricks-and-mortar abortion clinic...
More>>