Mascot trustee says Reserve Bank given all relevant data

The trustee of Mascot Finance, which the Government doubts should have been covered by its retail deposit guarantee, says she supplied "all relevant" information about the company to the Reserve Bank.

Louise Edwards of Perpetual Trust says she has written to the Treasury and the Reserve Bank to outline her company's concerns about what the agencies are saying about key information she provided regarding Mascot's financial position.

"Perpetual Trust is confident that all relevant information about Mascot's financial position was fully disclosed to the Reserve Bank in December by the trustee and is not responsible for the judgments made by the Reserve Bank and Treasury on that information."

This week Prime Minister John Key said the company should "probably" not have been in the scheme.

By the time it applied for coverage, Mascot, active in the rapidly deteriorating property market, had already ceased raising money via debentures. It had reported a $7.5 million loss in the March 2008 year, and was "reviewing" its future in the finance industry.

Business Herald columnist Brian Gaynor today reports it had also breached but then remedied a Trust Deed financial ratio in March last year.