The New Zealand Export Credit team is part of the Capital Markets Directorate within the Treasury.

The authority to issue Crown guarantees is pursuant to the Minister of Finance’s powers under section 65ZD of the Public Finance Act 1989. The Minister of Finance has delegated the Secretary to the Treasury with the responsibility of NZEC providing a range of export credit guarantees.

All transactions we underwrite are reviewed, approved and signed by the Treasury in accordance with delegated authorities.

Visit the Treasury web site for accountability documents such as the Annual Report of the Treasury and the Statement of Intent of the Treasury.

Capital Markets Advisory Committee

The Capital Markets Advisory Committee (CMAC) provides independent perspectives and advice to the Treasury’s Deputy Secretary Financial and Commercial on strategic and risk management matters relating to NZEC operations.  In addition to export credit, the committee also offers challenge to functions that effect financial outcomes related to debt management, treasury services and supporting functions. This includes; strategy and prioritisation, business performance, strategic and business risk management, control and compliance functions and assurance framework.

The committee will also consider appropriate strategic targets and key performance indicators for the Treasury’s Capital Markets Directorate as well as monitoring and advising on the directorate’s performance against them.

Current members of CMAC are; Burke Steel, Linda Robertson, Traci Houpapa, Michael Allen, Bryan Chapple and Jon Grayson (Chair)


Burke Steel

Burke Steele

Burke a preeminent authority on export credit in New Zealand and has a significant background in private sector investment management. Over a career spanning 30 years, Burke has had responsibility for managing domestic Trade Credit underwriting, strategy, finance and operations for a number of companies.

As Chief Executive of Euler Hermes’ Oceania, Burke’s remit covered all aspects of Trade Credit Insurance operations, governance, compliance, reporting, and meeting profit and growth targets. Since then, Burke has focused on private sector investments in the primary sector. He is owner and Director of KFR Investments Ltd, Jankat No9 Ltd, Miro Agri Ltd and is a Director and minority shareholder in Mahoe Dairy Farm Management Ltd.

Burke also has a strong interest in environmental sustainability and when he’s not focused on growing financial capital, is helping grow New Zealand’s natural capital through the development of a native tree nursery and planting initiative.  


Linda Robertson

Linda Robertson

Linda has over 28 years’ experience in financial markets working across the banking, corporate treasury and export credit fields. Her time in the banking sector has included positions in debt origination, capital markets, and risk management. She has also held treasurer roles at Meridian Energy and Contact Energy. As Group Treasurer for Meridian, Linda oversaw US private placements and transacted a number of export trade-finance deals.

Linda has held a number of Director roles since 1999; spanning a broad range of sectors and is currently a non-executive director at the NZ Local Government Funding Agency Ltd, Crown Irrigation Investments Ltd; and  Dunedin City Holdings Ltd and its subsidiaries Dunedin City Treasury Ltd and Dunedin Stadium Property Ltd. Linda is a member of the Audit & Risk Committee for the Ministry of Social Development and Chairs the Audit and Risk Committee for Central Otago District Council.  Linda is also Chair of Pacific Radiology Limited and Central Lakes Trust. Linda has recently been appointed the Treasury’s Risk and Audit Committee (RaC ). She has also previously been a member of the Treasury’s Technical Advisory Committee (TAC).  

Linda was recently recognised with a Distinguished Fellowship for her leading role within the Institute of Financial Professionals New Zealand (INFINZ) and for her efforts in advancing the skills amongst the treasury profession. She also a Certified Treasury Professional, a Fellow of Governance New Zealand; a Chartered Fellow of the New Zealand Institute of Directors and a Graduate Member of the Australian Institute of Company Directors. 


Michael Allen

Michael Allen

Michael has an extensive 25-year background in financial markets, sovereign debt and financial risk management.  He has managed a number of large financial, corporate and financial services organisations in both the public and private sectors. Michael works for the Victorian Department of Treasury and Finance as a Director Balance Sheet Management. Previously the Chief Executive Officer of the Australian Office of Financial Management, Michael has also held senior management positions with the New South Wales Treasury Corporation and the Treasury Corporation of Victoria.  In the private sector, Michael has held senior risk management and advisory roles with UBS Investment Bank, Ernst & Young Corporate Finance and Telstra.

Social capital is as important to Michael as financial capital and so in his (limited) spare time, is a director of Aussie Deaf Kids - a charity that supports children with a deafness disability.  

Michael has a Bachelor of Economics and has completed the Advanced Management Program at Harvard Business School.