Consumer finance provider Fisher & Paykel Finance, a subsidiary of whiteware maker Fisher & Paykel Appliances, has gained Treasury's approval to enter the new Crown retail deposit guarantee scheme which has been extended from October this year till the end of 2011 . F&P Finance managing director Alastair Macfarlane said the company would offer guaranteed and non-guaranteed deposits to give investors a choice of the full range of investment opportunities. F&P Finance has a BB speculative grade credit rating from Standard & Poor's. Read Fisher & Paykel Appliances' statement below:
Fisher & Paykel Appliances Holdings Limited is pleased to announce that its wholly owned subsidiary, Fisher & Paykel Finance Limited, has today been approved by the Treasury to participate in the extended New Zealand deposit guarantee scheme. Fisher & Paykel Finance Limited has a guarantee under the extended New Zealand deposit guarantee scheme effective from 12 October 2010 until 31 December 2011. Alastair Macfarlane, Managing Director of Fisher & Paykel Finance Limited, said that the company would be offering guaranteed and non-guaranteed deposits in order to ensure investors have a choice of the full range of investment opportunities. He also said that Fisher & Paykel Finance Limited has continued to maintain satisfactory levels of debenture reinvestment from its investor base and viewed continuation of this support as a key factor in maintaining the strategy of diversification of funding for the business. Ralph Waters, Chairman of Fisher & Paykel Appliances Holdings Limited, said the Standard & Poor’s long-term issuer credit rating of BB (Outlook Stable) for Fisher & Paykel Finance Limited has positioned the business well to attract an increasing level of new investor domestic savings. Full details of the Crown guarantee provided under the current scheme and to be provided under the extended scheme can be obtained at www.treasury.govt.nz.