Rates round-up
Monday, March 9th 2009, 5:44AM
Rabo PIE fund approved under deposit guarantee
The RaboPlus-promoted Cash Advantage Fund has been approved as a Collective Investment Scheme covered under the Crown retail deposit guarantee scheme.
“The Cash Advantage Fund invests in a deposit with Rabobank NZ, the only bank in New Zealand to hold an AAA credit rating from Standard & Poor’s,” Heath says.
Rabobank has been confirmed as the world’s fifth safest bank by Global Finance magazine.
FMG Finance exits marketFMG is planning to wind down its operations in the finance market and its rates are no longer shown on depositrates.co.nzFMG chief executive Chris Black says the company's core strategy is to provide best-of-breed insurance and investment solutions to rural New Zealand, and running a stand-alone finance company does not fit with that strategy.
Black said there will be an orderly wind down of existing business managed by Farmers' Mutual Finance, FMG's specialist finance company, over the next two years.
"All investments continue to be backed by the Crown guarantee, and all debenture holders are due to be paid in full as their investments mature," he said.
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