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Geneva to review loan book

Geneva Finance is carrying out a full review of its loan portfolio in response to the ongoing deterioration in market conditions.

Friday, August 22nd 2008, 10:07AM
The review was deemed necessary by the company's board due to particular concerns relating to the increased costs of living being absorbed by its customers, specifically food and petrol price increases over the last six months, and the risk that raises in regards to asset quality, particularly of the older historical loans.

It is expected the review will take three to four weeks. When it is completed, the Geneva board has said it will then be in a position to give the company's profit forecast.

In April, debenture investors voted for a capital reconstruction plan to get the company back on track, after Geneva defaulted on debenture payments in November and then put in place a debt moratorium.

Investors are being repaid with interest under the restructuring plan, while a proportion of debenture and subordinated note holdings were converted into shares.

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