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No tax relief for finance company failures, Another prediction, FastSaver twin born, Spiers expects profit improvement.

Thursday, July 6th 2006, 2:13AM
Another prediction
Expect more failures in among finance companies but don't expect New Zealand Finance Holdings to be among them, says the company's managing director John Callaghan.

FastSaver twin born
ASB Bank has launched a high interest savings account for businesses, to go alongside its FastSaver account.

"Business owners should get the same benefits for their business bank accounts as they do from their personal accounts," ASB says.

With high interest - currently 7% - and unlimited online transactions, Business Saver is expected to appeal particularly to small to medium-sized businesses conducting the majority of their banking online.

FastSaver, launched in late 2004, now has deposits of more than $3 billion.

Business Saver customers can use the account for staff-assisted deposits, transfers and withdrawals for a $3 fee, but if they choose to transact online, Business Saver transactions are fee free.

No tax relief for failures
Investors in companies that go into receivership need to be aware that the losses on their debentures are not deductible for tax purposes, New Zealand Institute of Chartered Accountants tax director Craig Macalister says.

Speirs expects profit improvement
Speirs Group expects a profit improvement in its financial year ending March 2007, executive chairman Nelson Speirs says.

Spiers operates a nationwide finance division (Speirs Finance) engaged in asset-backed financing, and a foods division (Speirs Foods)

"Speirs Finance is well positioned to manage risks that have been creating problems at some other finance companies recently," he said.

"The group has not been involved in funding property development for many years, does not fund the restructuring of credit card debt, and is not involved in consumer hire purchase lending for low value items."

Speirs Finance withdrew from funding transactions involving second hand car dealers in the major metropolitan markets after a bad debt surge in 2004.

"The tail of that bad debt problem had a significant effect on the Spiers result in 2005, but write-offs and provisioning for bad debt reduced by more than 55% in 2006".

« More finance company research comingBondwatch notes Nationwide's upgrade »

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