13 Feb 2010

$1.1 billion debt rollover required by SCF

10:21 am on 13 February 2010

South Canterbury Finance has to roll over more than $1.1 billion of debt this year, ahead of the expiry of the first version of the Government's retail deposit guarantee.

The GoodReturns website reports the company's investment statement says $491 million is due to be repaid by the end of June and a further $650 million falls due before the guarantee expires in October.

A new version of the scheme will run for a further year, but at much higher costs for lower-rated entities such as South Canterbury.