Factbox: South Canterbury Finance

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Key points of South Canterbury Finance's (SCF) collapse and the Government's actions:

* SCF, with 35,000 investors and $1.6 billion in deposits, had been in trouble for at least nine months because of bad loans and mismanagement. It was founded by billionaire financier Alan Hubbard and had a wide range of investments in the South Island, including the dairy sector.

* Two of Mr Hubbard's other companies are under statutory management. The Serious Fraud Office is investigating.

* SCF chief executive Sandy Maier worked until nearly 5am today trying to broker a deal with new backers, but failed. The company couldn't meet its statutory requirements and was placed in receivership.

* Treasury paid SCF's trustee $1.6 billion so depositors could be paid out, with interest. It also gave SCF a loan of $175 million so it could pay its immediate debts.

* The Government expects to get most of the money back when the company is wound up, but that could take three or four years. When the dust settles, it expects to have a shortfall of about $600m which will be met from the $900 million allocated to the Retail Deposit Guarantee Scheme.

* The Government effectively controls the receivership and Finance Minister Bill English has given assurances there won't be a fire sale of its assets and businesses won't have their loans called in.

* Businesses which owe money to SFC, or are owned by it, can continue trading. People with loans will continue to pay them off as usual. Three of its subsidiaries are in good shape - Helicopters NZ, Scales Corporation and Dairy Holdings.

* Mr English said the Government's international credit rating wouldn't be affected by the bailout and the Government's books wouldn't take a hit because the $900m in the Retail Deposit Guarantee Fund was already budgeted for.

- NZPA