The trustee and the receivers of Gippsland Secured Investments are expecting a total return of between 80 and 90 cents in the dollar to the note-holders of the former Victorian regional finance company. Ernst & Young, which were appointed as receivers in December last year following a Federal Court ruling, said GSI's note-holders have so far been paid interim distributions totalling 25 cents in the dollar. The receiver, Adam Nikitins from EY, will be more certain of the final payout following the mortgagee sale of the more than 80 Gippsland properties remaining on the balance sheet of Riviera Properties, which was once GSI's largest debtor. The cascading effect from major write-downs of these assets, which saw secured loan covenants breached, was a major factor in the demise of GSI. Riviera was placed in voluntary administration in December 2013. Former technology industry senior executive Geraldine McBride has joined the board of National Australia Bank as a non-executive director. McBride is a former president for North America of global software company SAP. She has also held senior roles at Dell and IBM. Westpac's chief information officer, Clive Winchup, has jumped ship. He will join Woolworths as its new chief information officer. In December, Winchup, who was appointed CIO at Westpac in 2011, stepped back from the day-to-day management of technology services at Westpac and moved into more of a strategy role. This move was interpreted in the IT media as a demotion. Former banker Robert Craig has been appointed chair of the Australian Payments Clearing Association. He replaces Russell Rechner, whose term finished in December. Craig's career in banking has included senior roles at Westpac, NAB, BNZ and National Westminster Bank. In 2008, he left banking to become involved in private equity.