Displaying 1 - 13 of 13 results.

Earthquake Commission (EQC) levies will rise early next year to help rebuild the commission's Natural Disaster Fund (NDF) and to more realistically reflect EQC's operating costs, Finance Minister Bill English says.

"The Government is committed to rebuilding Christchurch and supporting the people of Canterbury," Mr English says.

"The levy increase is a responsible step to ensure EQC can meet its long-term costs and continue to provide disaster cover around the rest of New Zealand in a sustainable way.

  • Bill English
  • Earthquake Recovery

The Earthquake Commission (EQC) has increased its estimated Canterbury earthquakes liability by about $4 billion to $7.1 billion, Finance Minister Bill English says.

The new estimate follows an actuarial valuation of EQC's liability, based on available field assessments of damage claims. It includes an increase of $2.17 billion from the 22 February earthquake and $1.42 billion from the 13 June earthquakes and other aftershocks, which were not previously included.

  • Bill English
  • Finance
  • Earthquake Recovery

The Government will launch a new Earthquake Kiwi Bond to help fund the recovery in Christchurch and provide investors with a new savings option, Finance Minister Bill English says.

The new four-year bond is similar to a term deposit and is available to New Zealand residents from today.

“This is a great opportunity for Kiwi investors who want to help fund the Government's contribution to the multi-billion dollar recovery in Canterbury, while still getting a solid return on their money,” Mr English says.

  • Bill English
  • Finance
  • Earthquake Recovery
  • Budget 2011

The Government will spend about $8.5 billion over the next few years to help the rebuilding of Christchurch, Finance Minister Bill English said today.

“The earthquakes do not fundamentally change our economic situation or the Government’s programme,” he said in a speech to the Wellington Employers’ Chamber of Commerce. “They simply make the task of returning to surplus a little more difficult.”

  • Bill English
  • Courts
  • Finance
  • Earthquake Recovery
  • Budget 2011

The Government has announced it will provide a back up financial support package for AMI Insurance to give policyholders certainty and to ensure an orderly rebuild of Christchurch in the aftermath of the two earthquakes.

The support package would be called on only as a last resort if AMI’s own reserves have been exhausted – unless the Crown believes it is in the public interest to take control sooner, Finance Minister Bill English said today.

  • Bill English
  • Finance
  • Earthquake Recovery

A significant impact from the second Canterbury earthquake and revisions to expected Crown recoveries under the Retail Deposit Guarantee Scheme are reflected in the Government’s accounts for the eight months to February.

“The accounts do not include the full costs of the earthquake,” Finance Minister Bill English says. “But they do include an estimate of the Earthquake Commission’s net cost of $1.5 billion.

  • Bill English
  • Finance
  • Earthquake Recovery

The Government has put in place several tax relief measures to help Christchurch residents and businesses trying to get back on their feet after last month’s earthquake, Finance Minister Bill English and Revenue Minister Peter Dunne announced today.

“With the end of the tax year rapidly approaching, businesses and employers in Christchurch and around New Zealand need some certainty about the tax issues arising from the Canterbury earthquakes,” Mr English said.

  • Bill English
  • Peter Dunne
  • Finance
  • Revenue
  • Earthquake Recovery

Government financial statements for the seven months to January 31 are broadly in line with forecast, but this will change significantly in the coming months as the impact of the Christchurch earthquake becomes clear, Finance Minister Bill English says.

While the latest accounts show spending and revenue consistent with forecasts in the Half-Year Update in December, tax revenue was still about 4 per cent behind Budget 2010 forecasts.

  • Bill English
  • Finance
  • Earthquake Recovery

The Treasury’s preliminary assessment of the Christchurch earthquake’s economic impact confirms the need for the Government to carefully consider its priorities, Finance Minister Bill English says.

It also points out that economic growth was slower than forecast previously, even before the latest earthquake. This reflects soft domestic demand – as New Zealanders save more - despite exporters benefiting from higher commodity prices.

  • Bill English
  • Finance
  • Earthquake Recovery

The Government has reaffirmed its commitment to provide the financial resources necessary to rebuild Christchurch and the Canterbury economy, Finance Minister Bill English says.

“The earthquake has clearly dealt a considerable human and economic blow to Canterbury, and this will have a significant impact on the Government’s finances and the wider New Zealand economy. Its effects will be felt for some years to come.

  • Bill English
  • Finance
  • Earthquake Recovery

The Government has welcomed offers of help from New Zealand’s business community to the Christchurch earthquake recovery effort, Finance Minister Bill English says.

“I joined the Prime Minister today in a conference call with the chief executives of Business New Zealand’s major companies group – representing most of New Zealand’s largest businesses.

“The Government is already mounting a huge rescue and recovery effort in Canterbury and we welcome the support and constructive ideas from the business leaders.

  • Bill English
  • Finance
  • Earthquake Recovery

Cabinet has just met for the second time today to discuss the earthquake in Canterbury.

In the last few hours the scale of destruction has become increasingly apparent. As the Prime Minister has said it is now likely that today will go down in history as one of New Zealand's darkest days.

I've just got off the phone with the Prime Minister who has been on the ground and he tells me Christchurch is a scene of utter devastation.

We've had an initial indication from officials that 65 people are dead and indications are that could rise.

  • Bill English
  • Deputy Prime Minister
  • Earthquake Recovery

Firstly I want to extend my sympathies and condolences to the people of Canterbury. Today's earthquake has caused huge damage and reports are flowing in of serious injuries and loss of life.

I'm sure all New Zealanders will join with me in offering our heartfelt thoughts and prayers to all those families who are affected.

  • Bill English
  • Deputy Prime Minister
  • Earthquake Recovery