SCF process will take up to five years: English
"The receiver and the Crown have time. We're in no rush to realise the value of assets in some kind of fire sale," English said. "If there was an option to sell as a going concern, we'd get it [the money] back pretty quickly, but it will take four or five years to work through all the matters to get our money back."
The receivers' sell-down of SCF assets is still expected to leave the tax-payer short $600 million, English told a media conference in Wellington.
That comes after the government wrote a $1.6 billion cheque to trustee Trustee Executors to help repay debt-holders in the firm within a month, under the government's retail deposit guarantee scheme.
The trustee has also taken out a $175 million loan from the government to repay prior ranking charges, including George Kerr's Torchlight Fund facility to SCF.
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