Key: Be glad taxpayers are rescuing you

The Government has taken some stick from South Canterbury Finance's (SCF) investors over the way the company's collapse was handled and Finance Minister Bill English has had enough of it.
After announcing yesterday the Government had paid out $1.6 billion so SCF's investors could get their money back, he had a message for those who had been complaining.
"I think they should acknowledge that taxpayers across New Zealand are putting their hands in their pockets to the tune of $1.6 billion to honour a promise made with a business that's actually gone broke," he said.
The money was handed over because SCF had signed up to the Retail Deposit Guarantee Scheme, introduced by the previous government in October 2008 to protect banks and other institutions from the global financial meltdown.
The Government now effectively controls SCF, which went into receivership yesterday, and expects to be able to recover about $1 billion of the $1.6 billion when its assets are sold, leaving it with a $600 million shortfall.
"There's a lot of other things we could have used that $600 million for and I would hope that the depositors and the people who are supporting the company are grateful for the support of the New Zealand taxpayer because without that support Timaru and south Canterbury could have ended up $600 million out of pocket," he said.
South Canterbury Finance's Bay of Plenty branch will continue trading as usual as a thorough evaluation of the failed finance company is carried out, receivers say. A spokesperson for receivers McGrathNicol said there were as yet no plans to close the regional office in Tauranga as a result of South Canterbury Finance's plunge into receivership this week.
"The branch is operating as normal and any changes would come from a full evaluation under way."
The office was the 13th regional branch launched by the company when it opened in Willow St in 2008.
Branch manager Leigh Neilson declined to comment when contacted yesterday.
The Government is trying to minimise the impact of the collapse on the economy, and Mr English yesterday gave assurances there would be no fire sale of SCF's assets and businesses wouldn't have their credit cut off.
"We are arranging an orderly receivership which helps us minimise the cost to the taxpayer ... that scenario is not going to happen," he said.
The Government expects it could take three to four years to claw back most of the money it has paid out.
Mr English said last night any credible offers would be considered.
He did not comment on a report that a bid for the company could be made within a week.
SCF chief executive Sandy Maier said last night that the company ramped up its risky real estate loans after it signed up to the Government's guarantee scheme that protected its investors' money. - NZPA