The Gift Trust has been operating since 2009, and until January 2015 operated under the name the Prometheus Gift Trust.
The Gift Trust was a member of the Prometheus family, which included Prometheus Finance Ltd – a specialist in social finance and investment. The social finance company provided Kiwis with ethical and sustainable savings and loan choices and was instrumental in the growth of various organic businesses, social enterprises and charities over its 30-year lifespan.
Owing to an increasingly difficult regulatory environment for New Zealand finance companies and the need to raise significant capital to support future growth, the Directors of Prometheus Finance decided in December 2014 that, to protect the interests of savings customers, the company would cease trading. The company entered into voluntary receivership with all savers being repaid in full (including interest) in a timely manner.
We fully embrace our Prometheus origins and bring our experience in values-based banking and investment to the growth of The Gift Trust.
The Gift Trust was always a completely separate legal entity to Prometheus Finance, with sufficient account holders and supporters to continue operating.
We hope the Gift Trust can carry into the future something of what Prometheus Finance has achieved in the past. We look forward to continuing the Prometheus legend.