Queensland Police first to sell preference shares

Queensland Police Credit Union said it planned to raise $5 million in capital through the issue of non-cumulative redeemable preference shares. QPCU will be the first credit union to make use of new laws that allow credit unions to deal in accumulated franking credits arising from the payment of company tax since the late 1990s. QPCU will offer an interest rate of 2 percentage points more than the 90 day bank bill rate, and a return in line with that paid on an array of hybrid capital and unsecured debt securities sold by major companies over the last couple of years.