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Schedule of trust money administered on behalf of the Crown for the year ended 30 June 2013

Description of trust

MV Rena settlement trust

This trust was established to hold settlement proceeds paid to the Crown by the owner of the MV Rena.

Schedule of trust money

The schedule shows the opening and closing balance of the trust, and movements during the year.

Under the Public Finance Act 1989, and by delegation from the Secretary to the Treasury, trust money can only be invested on deposit with New Zealand registered banks or in New Zealand government stock. Trust money is also managed so that there is no significant concentration of credit risk. Interest rate risk is managed by investing across a wide range of maturity dates, but subject to liquidity requirements.

Actual 2011/12
$000

 

Actual
2012/13
$000

-

Balance at 1 July

-

-

Contribution

27,600

-

Distribution

(197)

-

Interest revenue

551

-

Expenses

-

-

Balance at 30 June

27,954

Contributions to the trust are the settlement proceeds from the owner of the MV Rena.

The distribution from the trust is the payment to an agency to reimburse it for grounding-related costs incurred.

The funds are in an interest bearing account with Westpac. Due to the expected short term nature of the trust, the funds have not been put into a term deposit.

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