The receiver of South Canterbury Finance has issued its first report on the failed lending company.
In the report to the Companies Office, McGrathNicol does not say how much money it expects to be left for unsecured creditors, ordinary shareholders and preference shareholders.
The receiver says preferential creditors, including the Inland Revenue Department, which is owed $5.6 million, will be paid in full.
McGrathNicol says South Canterbury Finance has a shortfall of $314.7 million, including total liabilities of $1.7 billion and total assets of $1.4 billion.
South Canterbury Finance was placed in receivership on 31 August.
Exposure cap discussed
Reserve Bank officials discussed in May last year placing a cap on the amount the Government would pay to investors under the Government's retail deposits guarantee scheme if South Canterbury Finance collapsed.
Radio New Zealand's economics correspondent says that's more than a year before the lender was placed in receivership, which the bank had already assessed as a moderate risk.
The bank was concerned about the amount of capital backing South Canterbury Finance's loan book.
Emails released by the bank show officials thought the threat of a cap could be used to get South Canterbury to increase its capital.
