From: Sent: Craig Murphy [Craig.Murphy@treasur y.govt.nz]

From:
Sent:
To:
Cc:
Subject:
Craig Murphy [Craig.Murphy@treasur
y.govt.nz]
Tuesday, 19 Januar
y 2010 11:43 a.m.
Andy Wood
Andrew Hemphill; Brian McCulloch
RE: SCF.
He110 Andy,
Thanks for the update, I wi11 he in touch when we receive the application.
Rega rds,
Craíg Murphy fSenior Analyst IThe Treasury
Craí[email protected]
addressee:
a. please ímmediately delete this emaíl and notífy the Treasury by return emaíl or telephone (64 4 472 2733);
From: Andy Wood [maílto:[email protected]]
Sent: Tuesday, 19 Januar
y 2010 11:32 a.m.
To: Craig Murphy
Cc: Andrew Hemphíll
Subject: RE: sCF.
[SEEMAIE]
Cheers Craig,
processíng thís asap. So just waiting on SCF.
Treasury, rather we wí11 be Iiaising with the trustee ( getting info on trust deed and prudential compliance) and
Treasury 'to exercise its discretion in offering or not offering a guarantee'. The point here (the Iawyers te11 me) is that ít
is Treasur
y's discretion to offer a g'tee or not - and that a 'recommendation' by the Bank risks influencing this decision.
So you wi11 have complete discretion and we wi11 províde info only.
This was a formulation and process agreed with John prior to Xmas.
Look forward to getting the asset info in due course.
Cheers
Andy
From: Craíg Murphy [maílto:Craí[email protected]]
Sent: Tuesday, 19 Januar
y 2010 10:26 a.m.
1
To: Andy Wood
Subject: SCF.
[SEEMAIL]
He110 Andy,
dírectors to sígn.
The síx monthly audited accounts wí11 not be able to be províded with theír applícatíon, however, the management
I talked through wíth SCF the need for more informatíon ín regard to their "other Iíquíd assets" being theír direct and
equíty investments. It was outlíned to me that they have prepared (for ínternal consumptíon) a detaíled assets
realísatíon plan ín regard to a11 of these assets, and we wí11 be províded wíth a summary. However, they had not
anticípated that they would províde thís wíth theír applícatíon, so we can expect thís ínformatíon ín a day or so.
In regard to RBNZ's process of providing The Treasury with a Ietter ín regard to SCF's applícatíon, ís there any other
ínformatíon that anyone ín your approval chaín wi11 requíre at thís stage? If so, please Iet me know and I wí11 request ít
from SCF.
You mentíoned yesterday that you were goíng to talk to SCF's Trustee ín regard to the pendíng RBNZ ínformatíon
Thank you for your help wíth thís.
Regards,
Te1: +64 4 917 6002
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