The NZ Earthquake Commission (EQC) maintains it will have enough cash to cover damage claims from the February 22 Christchurch earthquake, despite reports the fund has been “hollowed out”.

CEO Ian Simpson told insuranceNEWS.com.au last month that although Prime Minster John Key had indicated the fund was “severely depleted”, it was unlikely to run completely dry.

The EQC still maintains there is enough in the fund to cover this latest natural catastrophe.

A spokesman told insuranceNEWS.com.au on Friday that prior to the first earthquake on September the fund had $NZ6 billion ($4.3 billion) plus $NZ2.5 billion ($1.8 billion) of cover under its reinsurance program.

The EQC also purchases $NZ1.5 billion ($1.09 billion) in deductible cover, bringing the pool up to $NZ4 billion ($2.9 billion).

The spokesman says after the EQC’s contribution from each event is deducted from the fund there will still be about $NZ3 billion ($2.19 billion) remaining.

Mr Key was last week reported as saying the fund had been “hollowed out” by the two earthquakes, leaving just $NZ1 billion ($732 million) in reserve.

But the EQC spokesman says this comment refers to the amount of reinsurance available in the case of another catastrophe.

Mr Simpson is currently overseas for scheduled discussions with the EQC’s reinsurers.

Christchurch has been rocked by nearly 6000 earthquakes of all sizes since the first 7.1-magnitude quake on September 4. About 10,000 buildings have been destroyed and another 10,000 may have to be demolished, Mr Key said on March 7.