Government moved swiftly to repay SCF depositors

It's sad to see longstanding New Zealand institution South Canterbury Finance in receivership. The Government, like everyone else involved, had hoped South Canterbury would be able to work its way through its difficulties, but unfortunately the company was put in receivership.

Our swift response to the appointment of a receiver for South Canterbury Finance met three clear objectives: First, making sure that South Canterbury’s 35,000 depositors had some certainty. Second, minimising the cost to taxpayers. And third, ensuring that wider disruption to communities and local economies – particularly in the South Island – was kept to a minimum.

More information:
http://www.beehive.govt.nz/release/govt+moves+swiftly+repay+all+scf+depositors