Notice of Direction I hereby give notice that the following direction has been given to the Board of the Earthquake Commission regarding the Commission's investment policy. ``Pursuant to section 12 of the Earthquake Commission Act 1993, I make the following direction as to the policy to be followed by the Commission in the exercise of its investment powers: The Earthquake Commission shall invest in its preferred mix of: (i) non-tradeable New Zealand Government securities comprising Treasury bills and/or Government stock and/or Inflation-Indexed Bonds; and (ii) up to a maximum of $250 million of New Zealand Bank bills. The securities that form part of the Natural Disaster Fund shall be registered in the Earthquake Commission's name. This direction replaces previous Ministerial directions relating to investment policy (in particular the directions of 30 September 1988, 16 August 1993, 17 January 1994 and 12 December 1995).'' Dated at Wellington this 2nd day of June 1998. Right Hon. BILL BIRCH, Minister of Finance.