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Stock Exchange merger off

Thursday, February 22nd 2001, 5:35PM

The Australian Stock Exchange has called off its proposed takeover of the New Zealand Stock Exchange and is refusing to give reasons for the decision.

"It was decided not to proceed with the merger, having determined that it would not be possible at this stage to reach a solution which ASX felt would be acceptable to both NZSE members and ASX shareholders," ASX says in a statement.

A spokesman refused to add any more detail to the statement: "We are not adding anything to that (two paragraph) statement," he says.

Meanwhile, NZSE managing director Bill Foster says it was a joint decision to pull the plug on the takeover. He says the deal didn't meet ASX's commercial imperatives, nor did it add value or do anything to develop New Zealand's capital markets.

Price was not a sticking point.

Armstrong Jones chief investment officer David McClatchy said earlier that any deal would have to be earnings per share positive for the ASX, which is a listed company, or be based on getting access to better systems.

Clearly volumes through the NZSE would have been insufficient attraction by themselves so, for a deal to proceed, it would need to be around something like systems.

Finance Minister Michael Cullen says he is personally disappointed that talks to merge the New Zealand and Australian stock exchanges had collapsed.

"I believe merger had a lot to offer New Zealand and hope either that the initiative is revived at some later stage or that other ways are found to capture some of the potential benefits."

Although the takeover deal has fallen through the NZSE is still proceeding with plans to demutualise. The bill enabling the exchange to move from a mutual to a company structure is currently before Parliament's Commerce Select Committee.

Meanwhile, the ASX is about a month away from getting its alliance with the Singapore Stock Exchange up and running, plus it is progressing with plans to link up with the New York Stock Exchange and Nasdaq.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
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ASB Bank 8.64 7.24 6.79 6.65
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BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
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Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
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Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
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Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
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TSB Special 8.64 7.24 6.75 6.65
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Westpac 8.64 7.89 7.49 7.25
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Median 8.64 7.29 7.32 6.65

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