Pursuant to section 160 (3) of the Crown Entities Act 2004, I, The Honourable Dr Michael Cullen, Minister of Finance, hereby give notice that:
1. on 16 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable Annette King, Minister of Health, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for district health boards to enter into finance leases from sources other than, and including, the Crown, subject to the conditions that a district health board:
(a) complies with the Ministry of Health’s Guidelines for Capital Investment;
(b) complies with the conditions of any letter of comfort from Ministers;
(c) meets its banking covenants, including those applied by the Crown Financing Agency (being
a division of the Residual Health Management Unit); and
(d) meets any conditions imposed in the approval of
its district annual plan;
2. on 16 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable Annette King, Minister of Health, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the Residual Health Management Unit to finance its property function by borrowing from sources other than, and including, the Crown;
3. on 16 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable Annette King, Minister of Health, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004,
for district health boards, the Residual Health Management Unit, the New Zealand Blood Service and Pharmac to enter into foreign exchange and interest
rate derivative transactions on the conditions specified in their Crown funding agreements;
4. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Right Honourable Helen Clark, Minister for Arts, Culture and Heritage, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 162 of that Act, for the New Zealand Film Commission to borrow by way of overdraft facilities, as long as it is:
(a) held with a New Zealand registered bank or building society that meets the credit?rating specified in regulations under the Crown Entities Act 2004; and
(b) returned to a positive balance within five working days;
5. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Right Honourable Helen Clark, Minister for Arts, Culture and Heritage, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 164 of that Act, for the New Zealand Film Commission to enter into forward derivative transactions for the purposes of covering risks arising from foreign exchange elements of funding agreements;
6. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable Parekura Horomia, Minister of Maori Affairs, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 161 of that Act, for Te Reo Whakapuaki Irirangi (Te Mangai Paho) to acquire securities by way of entering into income?sharing arrangements as part of its funding
of producers;
7. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable Pete Hodgson, Minister of Commerce, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004,
for the purposes of section 161 of that Act, for the Standards Council to hold up to 300 shares in Standards Australia Global Limited for the purposes of accessing information relevant to its ongoing operations;
8. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Mark Burton, Minister with responsibility for the
New Zealand Fire Service Commission, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 161 of that Act, for the New Zealand Fire Service Commission to hold foreign currency term deposits at New Zealand registered banks or building societies that meet the specified credit?rating contained in regulations under the Crown Entities Act 2004, for the purposes of operating forward foreign exchange contracts related to capital expenditure commitments;
9. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Mark Burton, Minister with responsibility for the
New Zealand Fire Service Commission, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 161 of that Act, for
the New Zealand Fire Service Commission to hold 3,319 shares in King Country Energy, on the basis that the Commission does not increase its holding at any time;
10. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Mark Burton, Minister with responsibility for the
New Zealand Fire Service Commission, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 162 of that Act, for the New Zealand Fire Service Commission to borrow by way of overdraft facilities, as long as it:
(a) is held with a New Zealand registered bank or building society that meets the credit?rating specified in regulations under the Crown Entities Act 2004; and
(b) does not exceed NZ$1 million at any one time;
11. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Mark Burton, Minister with responsibility for the
New Zealand Fire Service Commission, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 162 of that Act, for the New Zealand Fire Service Commission to maintain
term loan facilities up to a total aggregate value of
NZ$10 million with any New Zealand registered bank
or building society that meets a credit?rating specified
in regulations under the Crown Entities Act 2004;
12. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Mark Burton, Minister with responsibility for the
New Zealand Fire Service Commission, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 162 of that Act, for the New Zealand Fire Service Commission to enter into finance leases where they are a cost?effective alternative to, or provide appropriate operational advantages over, other forms of borrowing;
13. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Mark Burton, Minister with responsibility for the
New Zealand Fire Service Commission, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 163 of that Act, for
the New Zealand Fire Service Commission to give
a guarantee in relation to the World Road Crash Championships to be held in 2005;
14. on 24 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Pete Hodgson, Minister of Commerce, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 161 of that Act, for
the Standards Council to hold up to 300 shares in Australia Global Limited for the purposes of accessing information relevant to its ongoing operations;
15. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Steve Maharey, Minister of Broadcasting, gave approval, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 161 of that Act, for the Broadcasting Commission (NZ On
Air) acquiring securities by way of entering into income?sharing arrangements as part of its funding of producers;
16. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Steve Maharey, Minister of Housing, gave approval, subject to Ministerial requirements and/or expectations outlined in the HNZC Borrowing Protocol, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 161 of that Act, for intra?company investing and lending (i.e. investing and lending among Housing New Zealand Corporation (“HNZC”) or its wholly?owned subsidiaries that does not increase
the overall indebtedness of HNZC) provided that it is approved by the HNZC Board and is consistent with HNZC’s business plan and statement of intent, or any subsequent Cabinet approved initiatives;
17. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Steve Maharey, Minister of Housing, gave approval, subject to Ministerial requirements and/or expectations outlined in the HNZC Borrowing Protocol, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 162 of that Act, for intra?company borrowing (i.e. borrowing among HNZC or its wholly?owned subsidiaries that does not increase
the overall indebtedness of the HNZC group) provided that it is approved by the HNZC Board and is consistent with HNZC’s business plan and statement of intent, or any subsequent Cabinet approved initiatives;
18. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Steve Maharey, Minister of Housing, gave approval, subject to Ministerial requirements and/or expectations outlined in the HNZC Borrowing Protocol, under section 160 (1) (b) of the Crown Entities Act 2004, for
the purposes of section 161 of that Act, for Housing New Zealand Limited to lend to Pinehill Holdings Limited, provided that the total amount lent does not exceed NZ$3.5 million, nothing is lent after 30 June 2007 and the original business case remains sound;
19. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Steve Maharey, Minister of Housing, gave approval, subject to Ministerial requirements and/or expectations outlined in the HNZC Borrowing Protocol, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 162 of that Act, for HNZC to undertake primary borrowing by way of loan, overdraft, or otherwise, as long as this meets the requirements and/or expectations outlined in the HNZC Borrowing Protocol; and
20. on 18 March 2005, we, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable
Steve Maharey, Minister of Housing, gave approval, subject to Ministerial requirements and/or expectations outlined in the HNZC Borrowing Protocol, under section 160 (1) (b) of the Crown Entities Act 2004, for the purposes of section 162 of that Act, for HNZC to use derivatives for managing treasury risk on borrowings.
Dated at Wellington this 17th day of July 2005.
DR MICHAEL CULLEN, Minister of Finance.