The estimated cost of the Government's relief package for policy holders suffering hardship as a result of the HIH collapse remains at $640 million.
The Minister for Financial Services & Regulation, Joe Hockey, was commenting on the upward revision to the estimated deficiency of the HIH Group of companies by the liquidator, Mr Tony McGrath.
Mr McGrath said in a statement today that as a result of work to date, the total deficiency of the HIH group of companies is estimated between $3.6 billion and $5.3 billion.
The liquidators continue to realise the assets of the HIH group of companies and are reviewing and assessing liabilities. The liquidator anticipates that reliable estimates of creditor payment outcomes will not be possible for at least one year.
The Minister said that until final estimates of creditor payment outcomes are available the the current estimate remains at $640 million as shown in the Budget papers.