Additional cover planned
[The New Zealand Stock | Exchange’s fidelity guar- j aritee fund stood at $1.761 million at September 30, I blit slipped to SI.6M by j December 31. |The executive director-; of; the Stock Exchange,, Mr Roger Gill, says that? thte Exchange has been) investigating an insurance! scheme to provide addi-) tional cover to that)
stipulated in the rules. It is hoped to have the scheme working . during the first half of this year, he says in the Exchange's annual report. The fidelity fund was at $1.06M in 1986, and by the end of last year, 60 per cent was held in shares and the rest in Government stock and
cash deposits. Mr Gill says it is not possible to tell whether the fidelity fund could be called on for Buttle and Company . Sharebrokers (in receivership) or Dundedale, Sewell and Green, both of which were placed in default early this year. Full financial statements needed to be prepared.
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Press, 9 March 1988, Page 39
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159Additional cover planned Press, 9 March 1988, Page 39
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