web analytics

Posts Tagged ‘south canterbury finance’

Blinglish’s Treasury not so hot

Written By: - Date published: 4:16 pm, March 29th, 2012 - 12 comments

Bill English and Treasury adopted a “see no evil, hear no evil” approach to the Retail Deposit Guarantee Scheme. And it’s cost us $2 billion. The Deputy Auditor General has delivered a damning report on a ministry used to judging others, not suffering any oversight itself…

The biggest fraud

Written By: - Date published: 7:58 am, December 8th, 2011 - 99 comments

In its final days, South Canterbury Finance quietly loaned $300m to related-parties. Breach of the deposit guarantee scheme’s rules. Nats did nothing. When SCF collapsed the related parties got off scot-free – if they owned SCF bonds, the Nats even paid them $350m voluntarily. Now, the Serious Fraud Office has laid the biggest fraud charges in history over SCF. What’s the bet it’s over those related-party loans and bonds? And where’s our fucken money?

Key SCF excuses fall flat

Written By: - Date published: 1:00 pm, April 19th, 2011 - 10 comments

Michael Bott takes John Key to task for his claims over the South Canterbury Finance debacle. Key and English have tried to blame Labour for the deposit guarantee that covered SCF. But the truth is that National extended SCF’s coverage under the scheme again and again, despite knowing that SCF was in breach of the rules.

SCF broke rules, kept deposit guarantee

Written By: - Date published: 1:00 pm, April 15th, 2011 - 26 comments

Yesterday, under the cover of CERA, the government released hundreds of documents relating to South Canterbury Finance, it’s use and abuse of the deposit guarantee scheme, and the bailout. They show SCF broke the terms of its guarantee but National turned a blind eye. Someone needs to resign.

English: gap with Aussie good

Written By: - Date published: 11:41 am, April 9th, 2011 - 56 comments

Bill English has given up any pretense of closing the gap with Australia by 2025. Now, he is claiming the wage gap is a good thing and admitting higher productivity isn’t the cause of the wage gap. Meanwhile, Fran O’Sullivan slams Key and English’s ‘fingers crossed’ approach to handling financial crises.

AMI socialises its losses

Written By: - Date published: 10:30 am, April 8th, 2011 - 70 comments

Another week, another massive corporate bailout as National reaches into our pockets to aid a company. Whatever happened to free-market ideology? Isn’t failure of bad businesses healthy? When did every financial sector company become ‘too big to fail’? We’re rewarding a bad business model and punishing good ones.

Of train sets and stuffed companies

Written By: - Date published: 8:52 am, April 6th, 2011 - 29 comments

The saga of South Canterbury Finance just keeps getting worse and worse, with news yesterday that the taxpayers’ bill for the bailout rose by a further $300 million due to the costs of “insider loans”. Why are we spending $1.2 Billion (and climbing) on a stuffed company?

Key: we were told SCF would fail

Written By: - Date published: 2:45 pm, March 31st, 2011 - 72 comments

In a raucous public meeting in Timaru last night, John Key said “The entire time I’ve been Prime Minister I’ve had Treasury in my office week after week, month after month telling me South Canterbury Finance was going bankrupt”. So, why did National sign SCF into the scheme and renew its deed three times?

Compare and contrast

Written By: - Date published: 7:40 am, February 19th, 2011 - 54 comments

Idiot/Savant at No Right Turn compares the bailout of SCF investors with the Nats’ threat to change the law to deny some workers the minimum wage.

Key’s priorities laid-bare

Written By: - Date published: 9:00 am, February 7th, 2011 - 24 comments

When a millionaire director and a foreign corporate wanted millions in tax breaks, Key jumped to it. When SCF collapsed the investors got an average of $60K, no questions asked. But when it comes to helping the ordinary families of Christchurch and the West Coast, the Nats are nowhere to be seen once the cameras are gone.

English refuses inquiry into $1.7bln SCF bailout

Written By: - Date published: 11:00 am, September 11th, 2010 - 34 comments

Bill English has ruled out an inquiry into the SCF affair. Think about that: the government is forced to spend the annual Police budget in a single morning and isn’t even interested in learning what could have been done better. The public service’s response, on the other hand, to the Christchurch earthquake will doubtlessly be subject to numerous inquires. It’s just good governance.

Treasury? Leaks? Casino?

Written By: - Date published: 7:00 am, September 10th, 2010 - 15 comments

Fran O’Sullivan claims inside knowledge of the bailout plan may have given some investors the inside running.

That’s reminiscent of the headstart some investors got in ’84 when the dollar was devalued.

And it’s one more reason we need a public inquiry into the bailout.

Time for an OIA

Written By: - Date published: 1:59 pm, September 8th, 2010 - 19 comments

I’m hoping that someone (a fellow Standard author perhaps?) puts in an OIA over the South Canterbury Finance bailout.  And here’s what I’d like them to ask: – How many cabinet ministers excused themselves from the bailout decision due to a conflict of interest? – How many ministers and/or their extended families had investments in […]

Mystery rant

Written By: - Date published: 9:50 am, September 8th, 2010 - 32 comments

Here’s an interesting rant.  I’m not going to link to it, because I want you to spend a moment trying to work out who (which raving leftie blogger?) is the author.  So read it, and make your guess, then Google for the answer…

Wage subsidy a half-hearted gesture

Written By: - Date published: 8:12 am, September 8th, 2010 - 60 comments

The unions, business, and Phil Goff have all gritted their teeth and called the Nats’ $15 million wage subsidy scheme for small quaked-affected businesses ‘a start’. The problem is, it’s likely to be the end. This scheme will leave workers and employers severely out of pocket, killing businesses and jobs.

Broken principles and broken windows

Written By: - Date published: 7:33 pm, September 5th, 2010 - 48 comments

Rich investor and you put your money in a dodgy finance company? Did the company collapse? You get your money back. No questions. Lost your job thanks to this endless recession? Couldn’t afford insurance? Property damaged in the quake? Key says you can get stuffed. It’s called class war. Also, Key thinks the clean-up will be an economic stimulus. Someone tell this money-man about the broken windows fallacy.

The silence of the lambs

Written By: - Date published: 10:16 pm, September 4th, 2010 - 51 comments

Where are the Greens and Labour on the South Canterbury Finance issue? Just looking at the sheer politics of the situation, this is something they should be all over. There is enormous public anger at the way National was willing to magic up $1.7 billion of taxpayer cash for its rich mates while services are being cut. This should be the tipping point, when the Left seizes the public mood for its economic vision but where’s the leadership?

SCF bail-out gets much, much murkier

Written By: - Date published: 8:46 pm, September 2nd, 2010 - 14 comments

A few people have made a hell of a lot of money off the South Canterbury Finance collapse and bail-out. Are these the same people behind the mystery company that was created just three weeks ago and wants to buy SCF for $1.57 billion? Whether it’s been an organised plan or just lone sharks attracted by blood in the water, the result is the same: the rich win, we lose.

NZ’s biggest welfare beneficiary revealed in shock horror Herald exclusive expose’

Written By: - Date published: 11:45 am, September 2nd, 2010 - 22 comments

To find out who it is, click here.
Will this individual’s personal file be read out in Parliament by Paula Bennett?
Will this beneficiary’s sex life be investigated by WINZ as grounds for disqualification?

Our $20 million bill for Nats’ expediency

Written By: - Date published: 8:48 pm, September 1st, 2010 - 28 comments

Many argue English should never have extended the deposit guarantee to South Canterbury Finance in April, or question whether the terms of the guarantee called for the pay-out. Then there’s the stink around the payment of SCF bonds. One thing’s for sure, the Nats didn’t need to spend $20 million on foreign depositors – they did it to try to kill the issue faster. Plenty of meat for Labour. Will they bite?

National’s ‘line calls’

Written By: - Date published: 7:38 am, September 1st, 2010 - 76 comments

Serious questions are being asked why South Canterbury Finance was allowed to join the extended retail deposit guarantee scheme in April given that its financial problems were well-known and its credit rating was downgraded just weeks later. Bill English says it was a ‘line call’, one that’s just cost us at least $600 million. It’s not the first ‘line call’ English has stuffed up.

Anything too big to fail should be publicly owned

Written By: - Date published: 8:30 am, August 31st, 2010 - 96 comments

South Canterbury Finance is on the brink of collapse. The plan appears to be for the government to purchase the bad loans from the company at twice their book value, giving SCF the cash it needs to get back on its feet. That’s a dumb idea. The owners of SCF have taken huge profits in the good times, they can’t be allowed to pass their losses on to the rest of us now and continue as if nothing happened.

Recent Comments

Recent Posts

  • The beat goes on as Government renews support for musicians
    Extension of Aotearoa Touring Programme supporting domestic musicians The Programme has supported more than 1,700 shows and over 250 artists New Zealand Music Commission estimates that around 200,000 Kiwis have been able to attend shows as a result of the programme The Government is hitting a high note, with ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Minister of Defence to attend Guadalcanal Commemorations in the Solomon Islands
    Minister of Defence Peeni Henare will depart tomorrow for Solomon Islands to attend events commemorating the 80th anniversary of the Battle of Guadalcanal. While in Solomon Islands, Minister Henare will also meet with Solomon Islands Minister of National Security, Correctional Services and Police Anthony Veke to continue cooperation on security ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New programme to provide insights into regenerative dairy farming 
    The Government is partnering with Ngāi Tahu Farming Limited and Ngāi Tūāhuriri on a whole-farm scale study in North Canterbury to validate the science of regenerative farming, Agriculture Minister Damien O’Connor announced today.   The programme aims to scientifically evaluate the financial, social and environmental differences between regenerative and conventional practices. ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • More women on public boards than ever before
    52.5% of people on public boards are women Greatest ever percentage of women Improved collection of ethnicity data “Women’s representation on public sector boards and committees is now 52.5 percent, the highest ever level. The facts prove that diverse boards bring a wider range of knowledge, expertise and skill. ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Awards support Pacific women
    I am honoured to support the 2022 Women in Governance Awards, celebrating governance leaders, directors, change-makers, and rising stars in the community, said Minister for Pacific Peoples Aupito William Sio. For the second consecutive year, MPP is proudly sponsoring the Pacific Governance Leader category, recognising Pacific women in governance and presented to ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Govt investment into Whakatāne regeneration reaches new milestones
    Today Economic and Regional Development Minister Stuart Nash turned the sod for the new Whakatāne Commercial Boat Harbour, cut the ribbon for the revitalised Whakatāne Wharf, and inspected work underway to develop the old Whakatāne Army Hall into a visitor centre, all of which are part of the $36.8 million ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government determined to get a better deal for consumers
    New Zealanders are not getting a fair deal on some key residential building supplies and while the Government has already driven improvements in the sector, a Commerce Commission review finds that  changes are needed to make it more competitive. “New Zealand is facing the same global cost of living and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government exceeds Mana in Mahi target
    Mana in Mahi reaches a milestone surpassing 5,000 participants 75 per cent of participants who had been on a benefit for two or more years haven’t gone back onto a benefit 89 per cent who have a training pathway are working towards a qualification at NZQA level 3 or ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government opens new research and innovation hub
    The Government has invested $7.7 million in a research innovation hub which was officially opened today by Minister of Research, Science and Innovation Dr Ayesha Verrall. The new facility named Te Pā Harakeke Flexible Labs comprises 560 square metres of new laboratory space for research staff and is based at ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Unemployment remains low and wages rise despite volatile global environment
    Unemployment has remained near record lows thanks to the Government’s economic plan to support households and businesses through the challenging global environment, resulting in more people in work and wages rising. Stats NZ figures show the unemployment rate was 3.3 percent in the June quarter, with 96,000 people classed out ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • First ever climate adaptation plan lays foundations for resilient communities
    Action to address the risks identified in the 2020 climate change risk assessment, protecting lives, livelihoods, homes, businesses and infrastructure A joined up approach that will support community-based adaptation with national policies and legislation Providing all New Zealanders with information about local climate risks via a new online data ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New mental health and addiction services making a difference for Māori
    Māori with mental health and addiction challenges have easier access to care thanks to twenty-nine Kaupapa Māori primary mental health and addiction services across Aotearoa, Associate Minister of Health Peeni Henare says. “Labour is the first government to take mental health seriously for all New Zealanders. We know that Māori ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Data and Statistics Bill Passes its Third Reading
    A Bill which updates New Zealand’s statistics legislation for the 21st century has passed its third and final reading today, Minister of Statistics David Clark said. The Data and Statistics Act replaces the Statistics Act, which has been in effect since 1975. “In the last few decades, national data and ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Further moves to improve the lives of disabled people
    The Accessibility for New Zealanders Bill has passed its first reading in Parliament today, marking a significant milestone to improve the lives of disabled people. “The Bill aims to address accessibility barriers that prevent disabled people, tāngata whaikaha and their whānau, and others with accessibility needs from living independently,” said ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Speech to the China Business Summit
    Kia ora koutou, da jia hao It’s great to be back at this year’s China Business Summit. I would first like to acknowledge Prime Minister Jacinda Ardern, former Prime Minister Helen Clark, His Excellency Ambassador Wang Xiaolong, and parliamentary colleagues both current and former the Right Honourable Winston Peters, the ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Further changes to CCCFA Regulations will improve safe access to credit
    Narrowing the expenses considered by lenders Relaxing the assumptions that lenders were required to make about credit cards and buy-now pay-later schemes. Helping make debt refinancing or debt consolidation more accessible if appropriate for borrowers The Government is clarifying the Credit Contracts and Consumer Finance (CCCFA) Regulations, to ensure ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government prioritises firearm prohibition orders to reduce gun harm
    The Firearms Prohibition Order Legislation Bill will be passed through all remaining stages by the end of next week, Police Minister Chris Hipkins said. The Justice Select Committee has received public feedback and finalised its report more quickly than planned. It reported back to the House on Friday.  “The Bill will ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • National plan to protect kauri commences
    The Government has stepped up activity to protect kauri, with a National Pest Management Plan (NPMP) coming into effect today, Biosecurity Minister Damien O'Connor and Associate Environment Minister James Shaw said. “We have a duty to ensure this magnificent species endures for future generations and also for the health of ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Support for Samoa’s Climate Change Plan and rebuild of Savalalo Market
     Prime Minister Ardern met with members of Samoa’s Cabinet in Apia, today, announcing the launch of a new climate change partnership and confirming support for the rebuild of the capital’s main market, on the occasion of the 60th Anniversary of the signing of the Treaty of Friendship between Aotearoa New ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Reconnecting with ASEAN and Malaysia
    Foreign Minister Nanaia Mahuta departs for the Indo-Pacific region today for talks on security and economic issues at meetings of ASEAN and the East Asia Summit in Cambodia, and during bilateral engagements in Malaysia. “Engaging in person with our regional partners is a key part of our reconnecting strategy as ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Statement to the 2022 Review Conference for the Treaty on the Non-Proliferation of Nuclear Weapons
    United Nations Headquarters, New York City  Thank you, Mr President. Ngā mihi ki a koutou. I extend my warm congratulations to you and assure you of the full cooperation of the New Zealand delegation. I will get right to it. In spite of the Nuclear Non-Proliferation Treaty and the nuclear ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • 10,000 more permanent public homes added under the Labour Government
    A major milestone of 10,037 additional public homes has been achieved since Labour came into office, the Housing Minister Dr Megan Woods confirmed today. “It’s extremely satisfying and a testament to our commitment to providing a safety net for people who need public housing, that we have delivered these warm, ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Sanctions on Russian armed forces and weapons manufacturers
    The Minister of Foreign Affairs Nanaia Mahuta has announced further sanctions on the armed forces and military-industrial complex of the Russian Federation. “President Putin and the Russian military are responsible for violating the sovereignty and territorial integrity of Ukraine, which is a grave breach of fundamental international law,” Nanaia Mahuta ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Government plan to boost health workers
    Easing the process for overseas nurses and provision of up to $10,000 in financial support for international nurses for NZ registration costs. Provide for the costs of reregistration for New Zealand nurses who want to return to work. Covering international doctors’ salaries during their six-week clinical induction courses and ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Today marks one year since Government’s Dawn Raids apology
    A new  future between Pacific Aotearoa and Ngāti Whātua Ōrākei is the essence of a Dawn Raids Apology anniversary event in Auckland this month, said Minister for Pacific Peoples Aupito William Sio. One year ago, Prime Minister Jacinda Ardern formally apologised to Pacific communities impacted by the Dawn Raids in ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • PM Speech to China Business Summit
    Tēnā koutou katoa Tuia ngā waka, Tuia ngā wawata, Tuia ngā hou-kura Let us bind our connection, let us bind our vision, let us bind our shared aspiration for peace and prosperity. This year marks a significant milestone in the New Zealand – China relationship.   Fifty years ago – 1972 – ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Cook Islands Language Week will close generational gap
    It’s Cook Islands Language week and the Minister of Pacific Peoples, Aupito William Sio wants the community to focus on what it means to keep the language alive across the generations. “Our Cook Islands community in Aotearoa have decided to focus on the same theme as last years; ‘ Ātuitui’ia ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Cost of Living support payment to reach over 2 million New Zealanders
    From 1 August an estimated 2.1 million New Zealanders will be eligible to receive the first targeted Cost of Living Payment as part of the Government’s plan to help soften the impact of rising global inflationary pressures affecting New Zealanders, Prime Minister Jacinda Ardern says. The payments will see eligible ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Zealand’s border fully open to visitors and students
    · New Zealand’s international border opens to all visitors, including from non-visa waiver countries, and international students from 11:59PM, 31 July 2022. · Cruise ships and recreational yachts able to arrive at New Zealand ports. This evening marks the final step in the Government’s reconnecting plan, with visitors from non-visa ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government sets out plan to eliminate HIV transmission in New Zealand
    New Action Plan to eliminate HIV transmission released for consultation today $18 million Budget 2022 boost Key measures to achieve elimination include increasing prevention and testing, improving access to care and treatment and addressing stigma The Government has today released its plan to eliminate the transmission of HIV in ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government support lifts income for beneficiaries
    A report released today shows Government support has lifted incomes for Beneficiaries by 40 percent over and above inflation since 2018. “This is the first time this data set has been collected, and it clearly shows Government action is having an impact,” Carmel Sepuloni said. “This Government made a commitment ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Māori Housing: Urban development underway in Mt Wellington
    Thirty new warm, safe and affordable apartments to be delivered by Tauhara North No 2 Trust in Tāmaki Makaurau Delivered through Whai Kāinga Whai Oranga programme, jointly delivered by Te Puni Kōkiri and the Ministry of Housing and Urban Development Allocation of the apartments will be prioritised to support ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Phil Twyford to attend Nuclear Non-Proliferation Treaty meeting
    Disarmament and Arms Control Minister Phil Twyford will lead Aotearoa New Zealand’s delegation to the Nuclear Non-Proliferation Treaty (NPT) Review Conference at the United Nations in New York next week. “Aotearoa New Zealand has a long history of advocating for a world free of nuclear weapons,” Phil Twyford said. “The NPT has ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Construction Sector Accord – launch of Transformation Plan 2022-2025
      I am delighted to join you today for the launch of the Construction Sector Accord Transformation Plan 2022-2025. I would like to acknowledge my colleagues – the other Accord Ministers, the Accord governance and sector leadership, the CEOs of Government agencies, and leaders from the construction sector. The construction ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Work underway to make Wairarapa roads safer
    Associate Minister of Transport Kieran McAnulty was joined this morning by the Mayors of Carterton and Masterton, local Iwi and members of the Wairarapa community to turn the first sod on a package of crucial safety improvements for State Highway 2 in Wairarapa. “The work to improve safety on this ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Next steps taken to deliver Milford Opportunities Project
    The board to take the Milford Opportunities Project (MOP) forward has been announced by Minister of Conservation Poto Williams today.  “The Milford Opportunities Project is a once in a generation chance to reshape the gateway to Milford Sound Piopiotahi and redesign our transport infrastructure to benefit locals, visitors, and our ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Construction Sector Transformation Plan to accelerate change in industry
    A new three year plan to transform the construction industry into a high-performing sector with increased productivity, diversity and innovation has been unveiled by the Minister for Building and Construction Dr Megan Woods and Accord Steering group this morning. As lead minister for the Construction Sector Accord, Dr Woods told ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • More counsellors to boost mental health workforce
    For the first time counsellors will be able to become accredited to work in publicly funded clinical roles to support the mental wellbeing of New Zealanders. The Government and the board of the New Zealand Association of Counsellors (NZAC) have developed a new opt-in accreditation pathway so NZCA members can ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Kua waitohua he Whakaaetanga Whakataunga ki a Ngāti Tara Tokanui – Deed of settlement signed ...
    Kua waitohua he Whakaaetanga Whakataunga i waenga i a Ngāti Tara Tokanui me te Karauna, te kī a te Minita mō ngā Take Tiriti o Waitangi, a Andrew Little. Ko Ngāti Tara Tokanui tētahi o ngā iwi 12 o Hauraki, ko te pokapū o tōna rohe whai pānga ko Paeroa, ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Board to advise on upholding Treaty settlements in resource management system
    An advisory board has been established to help ensure existing Treaty settlements are upheld under the new resource management system. “The Government is committed to upholding Treaty settlements that intersect with the Resource Management Act as we move to a new system, and we are working with settled groups to ...
    BeehiveBy beehive.govt.nz
    1 week ago