Manning responds to NIF, UTC questions in Senate

MINISTER in the Ministry of Finance Brian Manning has said a National Investment Fund (NIF) One $1.2 billion bond is due to mature on August 9,2023.

He made this comment in response to a matter on the adjournment of the Senate on Tuesday, by Opposition Senator Wade Mark.

"The Ministry of Finance is currently focused on ensuring that sufficient funds are available to pay this tranche of the first set of NIF bonds."

Manning said, "After this, NIF will launch a series D bond, using appropriate state assets, which can be considered to be a NIF Two issue.

"The terms of the series D NIF bonds will be similar to the original NIF bonds, appropriately adjusted for current market conditions."

In response to a separate matter on the adjournment raised by Independent Senator Hazel Thompson-Ahye about disclosure of financial matters of deceased Unit Trust Corporation (UTC) unit-holders, Manning said the Unit Trust Act restricts the UTC from "disclosing information to any person not legally entitled thereto of any information related to the affairs of any person having any dealings with the trust."

The UTC, he continued, does not disclose information to applicants "for letters of administration following the death of the unit-holder."

That information is provided to executors appointed by the unit-holders in their wills.