15 Oct 2010

SCF payment day

6:01 am on 15 October 2010

The trustee of South Canterbury Finance says the 35,000 debenture and deposit holders will be repaid next Wednesday.

The failed finance company was part of the Government's Retail Deposit Guarantee when it was put into receivership on 31 August, at a cost of almost $1.8 billion.

The trustee has already repaid about $350 million to bondholders.

Meanwhile, details about the lender's membership of the guarantee scheme, and events leading up to its demise, are expected to be issued by the Treasury shortly.