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Media statement

Crown guarantees withdrawn for the three merger partners following issue of replacement guarantee

Issue date: 
Wednesday, 5 January 2011
Status: 
Current
Corporate author: 
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Following approval of Combined Building Society under the Extended Retail Deposit Guarantee Scheme that runs until 31 December this year, the Crown today gave notice to Canterbury Building Society, Southern Cross Building Society and MARAC Finance Limited that it was withdrawing the Crown retail deposit guarantee, effective immediately upon receipt of the notice by the three financial institutions.

Combined Building Society is successor to the Crown guaranteed obligations of Canterbury Building Society, Southern Cross Building Society and MARAC Finance Limited.

The Crown stands fully behind its guarantee commitments. There has been no default event relating to Canterbury Building Society, Southern Cross Building Society and MARAC Finance Limited but there is no longer a practical need to maintain the guarantee for those institutions because all of their Crown guaranteed obligations are now held by Combined Building Society.

Last updated: 
Wednesday, 5 January 2011