ANZ New Zealand subsidiary ANZ Investment Services (New Zealand) says the Bonus Bonds scheme is now officially in wind-up.
ANZIS, the Manager and Trustees Executors Limited, the Supervisor, on Monday confirmed that wind-up of the scheme commenced from 9pm Saturday 31 October 2020. Investors still holding Bonus Bonds as at this date will now be unable to make redemptions.
With low interest rates continuing to reduce the Bonus Bonds prize pool, the Bonus Bonds scheme was closed to new investment on 25 August 2020 and an announcement was made that ANZIS intended to begin winding up the scheme no later than the end of October 2020.
ANZ said that during the wind-up the Supervisor and Manager will calculate and distribute to investors the funds that they are entitled to as Bondholders in the scheme.
Final distributions from the wind-up cannot be paid until term deposits that the scheme invests in have matured or been otherwise realised, the final winding up expenses have been confirmed and ANZIS has bank account details from Bondholders to make payments.
“We are confident that bondholders remaining in the scheme when we commenced winding up will receive a share of reserves over and above their original investment,” Ben Kelleher, Managing Director Retail and Business Banking for ANZ said.
“While the process to confirm the final amount that each bondholder is entitled to is complicated and may take twelve months or more, we expect to distribute a large portion of what each bondholder is entitled to sooner than this.
“If this happens bondholders will receive their total distributions in more than one payment.”
He said no further redemption requests are being accepted. Valid redemption requests received before 9pm on 31 October 2020 will continue to be processed and paid. To find out more information and stay up to date, visit anz.co.nz