The company that cost us all $400

Published: 7:59PM Tuesday August 31, 2010 Source: Close Up

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  Bill English - Source: Close Up

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  • The company that cost us all $400 (4:33)

Despite efforts to stitch up a last minute deal, South Canterbury Finance is in receivership.

Under the government's guarantee of finance company and bank deposits, Finance Minister Bill English effectively wrote out a cheque to South Canterbury Finance this morning for $1.6 billion.

That equates to around $400 from every man, woman and child in New Zealand.

Mark Sainsbury spoke to the man with the cheque book.

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