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News Round Up

Sunday, November 2nd 2003, 12:35PM
The inspection of New Zealand's financial system by the International Monetary Fund has started.

The IMF Financial Sector Assessment Programme (FSAP) will assess New Zealand's banking supervision, securities market regulation, anti-money laundering frameworks, transparency arrangements applicable to monetary policy and financial sector regulation, and the financial system's resilience and capacity to withstand economic and financial shocks.

One area where the Government is expecting to do poorly is the lack of regulation for financial advisers.

A report will be published mid next year.

Market timing issues move closer
BT says the US Securities and Exchange Commission actions against Putnam and two former Putnam managing directors and portfolio managers cannot affect investors in BT's New Zealand and Australian funds.

The commission said last week it was taking action in connection with the personal trading by the two men in Putnam mutual funds.

“The market timing allegations on which these actions are based cannot affect investors in BT's New Zealand and Australian funds,” BT’s head of marketing Gordon Noble-Campbell says.

“Putnam manages the range of BT international equity funds as discrete mandates, meaning that there is no pooling of BT's assets with other investor funds. Moreover, the BT portfolios managed by Putnam are not unitised or traded in the US, therefore there is no mechanism for the purchase or sale of units and market timing trades to be undertaken by any investor or Putnam employee.

“It is also important to note that deposits into, or withdrawals from the BT portfolios managed by Putnam can only be instructed by certain authorised signatories in the investment team at BT in Sydney.”

Fast mover
Tarawera Publishing - which produces Good Returns has featured highly in the Deloitte/Unlimited Fast 50 index.

The Fast 50 is an index which recognises the fastest growing companies in New Zealand.

Tarawera Publishing came in at number 11 on the index and has reported revenue growth of 346% in the past two years.

During that time the company has started three magazines; ASSET, The NZ Mortgage Mag and the NZ Property Mag, it has acquired leading business website www.sharechat.co.nz and began publishing Adviser magazine on behalf of the Financial Planners and Insurance Advisers Association.

Brokers forced to refund money
People who bought shares in United States companies from Bergers Securities Limited (in Liquidation) can get their money back, the Securities Commission says.

The money will be repaid under an enforceable undertaking made by Clinton Lee Braude, the director of Bergers Securities, and Benjamin Jean Mauerberger, the original shareholder of the company, and accepted by the Securities Commission.

Braude and Mauerberger have undertaken to repay the full purchase price, including any commission, to each New Zealand investor who bought shares in United States companies from Bergers Securities.

Bergers Securities sold shares in United States companies through personal contacts and by cold calling people on a telephone list obtained from a commercial phone list provider.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.35 6.89 6.79
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.95 7.65 7.45
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 - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
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 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.79

Last updated: 14 February 2024 1:37pm

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