The government got the offer presented by the South Canterbury Finance with a plan it thought might cost the Crown up to $400 million below the receivership choice.

Amongst the credentials placed today on the Treasury website is a communication to Finance Minister Bill English and members of the Treasury, Prime Minister John Key, from South Canterbury.

In the communication, dated August 27, South Canterbury articulated aggravation that the government was not ready to hold up an equity lifting set up concerning fresh equity from an investor, extensively unstated to be Duncan Saville.

South Canterbury in its letter expressed that in SCF’s research the offer presented will upshot in an eventual shortfall or loss to the Crown of just about $250-300 million. This contrasts with SCF’s estimation of a deficit under receivership of up to $700 million.

Further it stated that on fiscal basis only, SCF considers that the offer presented to the Crown is convincing as it enumerates the shortfall on SCF to a lesser than projected amount and thus offers sturdy justification of the verdict to stand for SCF.