Former New Zealand Finance Minister and Deputy Prime Minister Michael Cullen has been appointed Chairman of the Earthquake Commission (EQC) as it faces the tasks of rebuilding funds, wrapping up Christchurch claims and planning for more extreme weather events.

“Sir Michael’s extensive financial leadership experience will be hugely helpful as EQC navigates these challenges,” EQC Minister Megan Woods said.

A levy increase came into effect last November to rebuild the Natural Disaster Fund, which is due to be depleted in coming months after holding $NZ6.1 billion ($5.6 billion) at the time of the Canterbury quakes.

“This is the first time in the commission’s history it has had to call upon the Government’s guarantee that sits behind that fund,” Ms Woods said.

Sir Michael, who chaired New Zealand Post after leaving politics, takes over at EQC from Annette King, who was appointed to the role on an interim basis after Maarten Wevers resigned early this year.

Ms Woods says half of the Canterbury claims the EQC has on hand in May have now been resolved.

“We have made good progress but there is more work to be done and I am confident in Sir Michael to complete the job,” she said.