Quarterly survey to continue - for now
Friday, December 13th 2002, 7:40AM
by Jenny Ruth
AMP Banking will continue to publish its quarterly housing affordability survey for now and will review the situation nearer to the middle of next year.
Spokesman Richard Gordon says the bank has an annual contract with Massey University to produce the survey which doesn’t expire until next June.
AMP is in the process of virtually closing its New Zealand banking arm, although it may continue to sell banking products manufactured by a third party, as part of an ongoing strategic review of all AMP’s operations.
It plans to exit manufacturing credit card products here and to exit the property finance business here and that will involve selling its current mortgage book and credit card portfolio. New Zealand savings deposits will either be wound back or transferred to other banks.
"At this stage, no decisions have been taken," Gordon says. The survey’s future will depend on what happens with AMP’s banking services, he says.
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