Telecom Corporation of New Zealand Limited

Rule 3.19A.2
Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as
available.  Information and documents given to ASX become ASX’s property and may
be made public.
Introduced 30/9/2001.

Name of entity  TELECOM CORPORATION OF NEW ZEALAND LIMITED
ABN 050 611 277

We (the entity) give ASX the following information under listing rule 3.19A.2
and as agent for the director for the purposes of section 205G of the
Corporations Act.

Name of Director	Paul Joseph Reynolds
Date of last notice	23 September 2008

Part 1 - Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by
the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the
definition of “notifiable interest of a director” should be disclosed in this
part.

Direct or indirect interest	Direct
Nature of indirect interest
(including registered holder)
Note: Provide details of the circumstances giving rise to the relevant interest.

Date of change	16 September 2008
No. of securities held prior to change	1,071,270 rights to acquire ordinary
shares under Performance Rights Scheme
Class	Ordinary shares
Number acquired	101,991
Number disposed	0
Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation
	$320,249.74
No. of securities held after change	1,173,261 (101,991 ordinary shares under the
Performance Incentive Scheme and 1,071,270
 rights to acquire ordinary shares under Performance Rights Scheme)
Nature of change
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestment plan, participation in buy-back	Issue of
ordinary shares under the Performance Incentive Scheme


Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of
the definition of “notifiable interest of a director” should be disclosed in
this part.

Detail of contract
Nature of interest


Name of registered holder
(if issued securities)

Date of change
No. and class of securities to which interest related prior to change
Note: Details are only required for a contract in relation to which the interest
has changed

Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide details and an estimated valuation

Interest after change

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Telecom Corporation of New Zealand Limited

Date: 23 September 2008	By:	Craig Mulholland
	Name:	Craig Mulholland
	Title:	Group Company Secretary

Telecom Corporation of New Zealand Limited ———————————————————————————————————
(Translation of registrant’s name into English)

New Zealand ———————————————————————————————————
(Jurisdiction of incorporation or organization)

Level 8, North Tower Telecom House 68 Jervois Quay Wellington New Zealand
——————————————————————————————————— (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [x] Form 20-F [ ] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [ ] Yes [x] No