Investors in ANZ’s Bonus Bonds will be rewarded for hanging on to their bonds until the wind up of the scheme.
ANZ Investment Services which manage the scheme today said investors would receive at least $1.10 for each Bonus Bond they hold based on the indication of reserves, detailed as part of its annual financial statement.
Ben Kelleher, managing director of retail and business banking for ANZ, said an investor who held $100 when the scheme went into wind-up would receive at least $110 by the time the wind-up is completed.
“ANZIS is confident investors will receive at least $1.10 for each Bonus Bond they hold by the completion of the wind-up.”
Kelleher said the final amount investors will receive is yet to be determined as it was dependent on the wind-up costs and any investment income earned after October 31, 2020.
ANZ announced in August last year that it would stop taking new investments and look at winding up the scheme due to low interest rates reducing the prize pool.
It had $3.3b invested with around 1.2 million bondholders when that decision was made.
Bondholders were then given until October 31 to cash in their investment or face waiting up to a year to get the money back with the possibility of getting a bit extra.
Of the $3.3b, $2b was cashed in early by around 170,000 bondholders
The remaining investors will receive the final payout in the second half of this year.
“We’ll be contacting customers in due course with what they need to do to get their money – no action is required right now.”
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