Helen Clark has just held a press conference after accepting Winston Peters decision to stand down from the Government today.

In an earlier statement the Prime Minister said that Mr Peters has offered to renounce his positions as Foreign and Racing Minister, for the duration of the investigations by the Serious Fraud Office's into donations to NZ First.

Helen Clark will take over his portfolios at Mr Peters request, and will also take over his role as Associate Senior Citizen Minister outside Cabinet.

"Mr Peters is offering his total co-operation to the SFO and the first meeting between his lawyers and the Office will take place tomorrow morning," Helen Clark said.

"It is to be hoped that the SFO will address these matters expeditiously."

Just last night the Serious Fraud Office announced that it would Investigate the fate of donations to New Zealand First.

A brief run-down of events this week:

* Tuesday: Simunovich Fisheries is highlighted by ACT leader Rodney Hide as having paid New Zealand First after Winston Peters had made corruption claims against it.

* Wednesday morning: letters released from the privileges committee from Mr Peters and billionaire Owen Glenn. Mr Glenn says Mr Peters solicited a $100,000 donation from him and then thanked him for it in 2006. Mr Peters denies this, saying he thanked Mr Glenn in July 2008 after being told of the donation by his lawyer.

* Wednesday afternoon: National Party leader John Key gets fiery in Parliament, stating that unless Mr Peters could provide a credible explanation for the discrepancies of evidence, he would be unacceptable in a National Government.

* Thursday morning: Prime Minister Helen Clark reveals that Mr Glenn had told her his version of events on February 21 but that Mr Peters had assured her that New Zealand First had not received a donation from the businessman.

Tags: helen clark, New Zealand, politics, winston peters