Foodstuffs South Island Limited (FSSI) accepts
at-call deposits from its Trading Members and associated persons
(not themselves being Trading Members) to have funds on at-call,
interest bearing deposits. These deposits are used by the
Co-operative to supplement long-term funding provided by its
members or 3rd parties (e.g. Trading Banks) for working capital and
infrastructure assets investment.
The deposits are issued under a registered Product
Disclosure Statement or "PDS" (Latest registered PDS date 7 June
2017) which sets out in detail the relevant terms and conditions.
The PDS also set out the process on how to register a complaint you
may have with either the offer or the investment of at-call
A copy of the PDS may be obtained from the Securities
Registrar, Tony Chung (see contact details below) or online
at www.business.govt.nz/disclose. Supporting
documents relating to the offer of at-call deposits, including an
application form can also be found online there.
Please note: While FSSI may take
deposits from members of the public it is our policy to generally
only open new accounts for members, staff or other third parties
who have a close association with FSSI or its Members. We do not,
as a rule, take deposits from the general public.
There is no minimum or maximum term for deposits,
however they may not be redeemed sooner than 24 hours after
acceptance of the deposit. Any requests for same day withdrawals
require notification by 2.00 pm.
The at-call deposits are interest bearing, with
interest calculated daily and paid annually in arrears at the end
of February each year. The
current interest rate for depositors is 2.80%. Special interest rate for Members,
Shareholders and Staff is 2.95%. These rates were last changed on 8 June
2017 (both rates decreased by 0.10% respectively)
If you have any queries, please contact
Free phone: 0800 688 887