Public Trust, the trustee of last resort, to lose its Crown guarantee next year

Thu, 22 Jun 2017

By Paul McBeth June 22 (BusinessDesk) - Public Trust, the state-owned entity duty-bound to act as the trustee of last resort, will lose its Crown guarantee next year, putting it on an equal footing with privately owned supervising firms. The government will introduce legislation to remove the Crown guarantee, which Finance Minister Steven Joyce and Associate Justice Minister Mark Mitchell say will end the competitive advantage the Public Trust has had with government backing. Existing law requires the government to top up the trustee's c...

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