About us
9. Investments
| Group | Group | Parent | Parent | |
| 2008 ($m) |
2007 ($m) |
2008 ($m) |
2007 ($m) | |
|
Current investments |
||||
|
Bank registered certificates of deposit - provisions |
23 | 24 | 23 | 24 |
Current investments are bank registered certificates of deposit which have been set aside to support the provisons under the Mortgage Insurance Scheme and sold mortgage loans.
| Group | Group | Parent | Parent | |
| 2008 ($m) |
2007 ($m) |
2008 ($m) |
2007 ($m) | |
|
Non-current investments |
||||
|
Investment in subsidiaries |
0 | 0 | 3,447 | 3,342 |
A total of $105 million (2007, $119 million) of Housing New Zealand Limited shares were issued to the Corporation, increasing the investment in subsidiaries.
Subsidiary companies
As at 30 June 2008, the subsidiary companies of the Corporation were:
| Company | Principal activity | Balance date | Ownership interest |
| Housing New Zealand Limited | Provision of rental housing | 30 June | 100% |
| Community Housing Limited | Provision of management assets | 30 June | 100% |
| Property Lease (No. 1) Limited | Provision of rental housing | 30 June | 100% |
| Hobsonville Land Company Limited | Management company | 30 June | 100% |
| HNZC Property Developments Limited | Property development | 30 June | 100% |
Property Lease (No.13) Limited was liquidated in May 2008. Property Lease (No.13) had negative equity of $1.176 million and a corresponding inter-company balance to Housing New Zealand Corporation's subsidiary Housing New Zealand Limited of $1.176 million. The liquidation resulted in one-off loss to Housing New Zealand Limited as Parent of $1.176 million. There was no impact on Housing New Zealand's balance sheet at Group level since both the equity and intercompany were eliminated on consolidation.
