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Tō Mātou Hītori
Our History
Where did Rātā get its money?
In May 1988, the Central Government restructured the banking sector, creating the Trust Bank Canterbury Community Trust. Trust Bank Canterbury Community Trust held the shares of Trust Bank Canterbury on behalf of its funding community of Canterbury, Nelson, Marlborough, and the Chatham Islands. This change in ownership structure allowed for the sale of shares to the public.
In 1996, the Trust Bank shares were sold to Westpac, and the capital was distributed, endowing Trust Bank Canterbury Community Trust with $371m, and with some accumulated reserves from the bank, the Trust had $420m in assets. In 2015, the Canterbury Community Trust changed its name to Rātā Foundation to reflect a better sense of belonging to all four funding regions.
Rātā has grown its pūtea over the last 36 years to $641m. We receive no outside funding from the government, gaming trust, other funders, or endowments. Our funding comes directly from the distribution of the income we earn annually from our investments.
The Board of Rātā Foundation announced our new Purpose – We strive for an equitable and sustainable society under the korowai of Te Tiriti o Waitangi.
Rātā achieved the milestone of over $500 million in grants made across our funding regions since inception.
We changed our name from Canterbury Community Trust to Rātā Foundation to reflect a better sense of belonging to all four of our funding regions. The name was inspired by the Southern Rātā tree. This name positioned us as an enduring foundation, or trunk, which supports an abundance of branches, leaves, and flowers – the community we serve.
The release of a $25 million Special Fund to support the social infrastructure in the medium and long-term recovery of Canterbury post-earthquake.
A further name change occurred in 2004, renaming to The Canterbury Community Trust.
The Chatham Islands were included within the region covered by the Community Trust.
The Trust changed its name in 1997 to The Community Trust
In 1996, the Trust Bank shares were sold to Westpac, and the capital was distributed, endowing Trust Bank Canterbury Community Trust with $353m, and with some accumulated reserves from the bank, the Trust had $420m in assets.
Trust Bank Community Trust made its first grants to the community - $0.9m. to support the provision of affordable office accommodation as a way of promoting a one-stop shop for social services in Christchurch.
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In May 1988, the Central Government restructured the banking sector, creating the Trust Bank Canterbury Community Trust. A network of Community Trusts was created across New Zealand.
Trust Bank Canterbury Community Trust held the shares of Trust Bank Canterbury on behalf of its funding community of Canterbury, Nelson, Marlborough, and the Chatham Islands. This change in ownership structure allowed for the sale of shares to the public and marked a significant transition in the bank's history.
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Before the 1980s, trustee banks in New Zealand were typically owned by the government or operated as government-owned entities. In 1984, Canterbury Savings Bank changed names to Trustee Bank Canterbury and then Trust Bank Canterbury in 1986. Trust Bank Canterbury was one of the 12 Trustee Banks around the country.
Over the years, the Canterbury Savings Bank expanded its operations beyond Christchurch and Canterbury to serve a broader customer base. The bank expanded into Marlborough (1964) and Nelson (1965) and became one of the leading financial institutions in the region.
In August 1962 the Canterbury Savings Bank made its first investment, a £20,000 loan, to the Christchurch Drainage Board. By November 1962, the bank had over £1,000,000 in deposits and was making loans and mortgages. The profits of the investments, just over £1,629, were distributed to the community as grants.