Pursuant to section 65ZD(3) of the Public Finance Act 1989, the Minister of Finance makes the following statement:
"On 21 April 2011, I, The Honourable Simon William English, Minister of Finance, on behalf of the Crown, gave an indemnity to Telecom New Zealand Limited in relation to costs, expenses and liabilities incurred by Telecom caused by certain actions of the Ministry of Economic Development when exercising its Step-in functions under an agreement relating to Rural Broadband, to be entered into between those parties. This indemnity takes effect upon the execution of that agreement."
Dated at Wellington this 21st day of April 2011.
HON SIMON WILLIAM ENGLISH, Minister of Finance.