21 August 2024
Chris McCashin
[FYI request #28058 email]
Dear Chris
This is a response to your request made under the Local Government Official Information and
Meetings Act 1987 ("
LGOIMA") dated 15 August 2024.
Thank you for your questions and please find our responses below.
Q1. Please provide in excel format as follows:
List of Current Shareholders.
Annual Rates Revenue Only for the Shareholder 2020 - 2024 Total Debt Associated with that
shareholder for those years.
Please find attached a copy of the original spreadsheet we sent you updated for the amount
each shareholder has borrowed from LGFA as at 30 June 2024. We are unable to provide the
rates revenue data at this time as councils are yet to adopt their annual reports for the year
ending June 2024. We would expect to have this data by 30 November 2024. For borrowings
by shareholders from sources other than LGFA, you might have to contact each shareholder
individually or refer to their annual reports when published.
Q2. Can you also tell me who holds / owns the Local Government Fund Debt - Blackrock?
Vanguard?
Investors in bonds are not obliged to disclose their holdings and many are held for
administrative reasons by custodians. However, we have estimated the following breakdown
as at 30 June 2024
Offshore investors held $6.7 billion, Domestic banks held $5.5 billion, Domestic institutional
investors held $4.1 billion, Reserve Bank of New Zealand held $934 million and Domestic
retail investors held $927 million.
Q3. Is it safe to say the ratepayer / shareholders who have paid billions in rates for hundreds of
years don't actually own any community assets because they are riddled with debt?
We are unable to provide an answer to that question.
I hope this information and our responses are helpful.
You have the right, by way of complaint to an Ombudsman under section 27(3) of LGOIMA, to seek
an investigation and review of LGFA's refusal of your request.
Regards
Mark Butcher
Chief Executive Officer
