11 Mar 2009

Funding to be maintained despite slowdown

5:22 am on 11 March 2009

Funding for regional transport projects in Auckland is not expected to be immediately affected by the failure of Ports of Auckland to pay a half-year dividend.

Auckland Regional Holdings owns the port company, which is a large part of its investment portfolio.

ARH contributed $140 million to regional transport and water treatment projects last year and was expecting to make an even bigger contribution this year.

However, a slowdown at the port and a fall in other investments has reduced the value of its assets.

ARH says promised funding to the Auckland Regional Council won't be affected this year, but the economic downturn could influence later payouts.