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Updated Thursday, March 11, 2010 11:08 am TWN, AFP

NZ to end crisis-inspired funding guarantee: minister

WELLINGTON -- New Zealand will next month close a wholesale funding guarantee introduced at the height of the global financial crisis, Finance Minister Bill English said Wednesday. The guarantee, to be scrapped at the end of April, was introduced in November 2008 to offer a guarantee on funds raised by New Zealand banks in global markets. “It helped our banks access funding during that crisis, but international market conditions have improved — and continue to improve in 2010,” English told the New Zealand Australia Investment Forum in Auckland.

Since the guarantee scheme was set up in New Zealand, 24 guarantees have been issued, covering NZ$10.3 billion (US$7.24 billion) of borrowing by banks. The scheme has made no payouts on defaults and the government said it would receive almost NZ$290 million in fees from the banks.

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