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Allied Farmers Subsidiary Applies For Crown Guarantee

Contributor:
Fuseworks Media
Fuseworks Media
Allied Farmers.jpg
Allied Farmers.jpg

15 OCTOBER 2008 - Allied Farmers announces that its finance subsidiary Allied Nationwide has submitted an application to have its $236 million of publicly issued debt securities covered by the Crown Guarantee Scheme, as announced by the Reserve Bank of New Zealand.

The scheme will be effective for Allied Nationwide on acceptance by the Treasury and is expected to fully guarantee all existing and future debt securities issued by Allied Nationwide for the period up to 12 October 2010.

"This is a significant positive for both the New Zealand finance sector and for our finance subsidiary, Allied Nationwide. With the investor confidence in the sector restored, it should enable the continued growth of our finance business," says David Bale, Group Chief Executive of Allied Farmers.

"This action of guaranteeing deposits will contribute to much needed economic growth and more stability for our rural and business customers."

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