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Global crisis hits GSF returns; Businesses continue to delay selling; Tower rights issue closes oversubscribed; Anti-money laundering rules need to change

Monday, September 28th 2009, 5:45AM

Global crisis hits GSF returns
The Government Superannuation Fund has recorded an after-tax deficit before membership activities of $583.3 million for the year to 30 June, 2009.

The results represent a return of -16.8% on average assets over the year. In the previous financial year the fund recorded an after tax deficit of $206.9 million, representing a return of -6.7% on average assets.

"Like other growth funds around the world, the fund has been severely impacted by the financial crisis which led to the worst downturn in investment markets since the Great Depression," GSF authority board chairman Tim McGuinness says.

As at 30 June, the fund's net assets stood at $2.65 billion, down from $3.53 billion in 2008.

Businesses continue to delay selling
Businesses continue to push out selling plans, despite market sentiment towards selling showing a small improvement.

The fourth ASB Succession Planning Monitor shows a net 6.8% increase in the three-plus year selling horizon, supported by a net 5% decrease in anticipated business sales prior to the two-year horizon.

"This is the first time this research has shown this measure moving positively revealing a small glimmer of a more positive sentiment starting to emerge," James Mitchell, ASB chief of relationship banking says.

Another main theme of the survey was that many business owners didn't know who would succeed to their business or how they would realise its value.

Banking relationship managers' advice also gained in favour.

Tower rights issue closes oversubscribed
Tower’s rights issue which closed on 23 September 2009 has been oversubscribed by 47%.

Total applications of $119.85 million were received from holders taking up rights and applying for additional shares. The maximum offer amount of $81.3 million of shares will be issued.

The new shares are expected to be issued today, 28 September 2009.

Anti-money laundering rules need to change
The Anti-Money Laundering and Countering Financing of Terrorism Bill needs to be significantly amended, according to a report from the Foreign Affairs, Defense and Trade Select Committed.

Justice Minister Phil Goff last week also released proposals for tighter laws on money laundering in the post-September 11 world and says that "some re-regulation will be required" to meet stricter international standards.

Directors, managers and major shareholders in the financial sector may have to meet new "fit and proper person" standards in proposed changes to money laundering rules.

Other changes proposed include:

  • A comprehensive monitoring framework to ensure all financial institutions meet standards for countering money laundering and terrorist financing;
  • Registration for all people providing money transfer or currency change services;
  • Statutory requirements for financial institutions to comply with customer due diligence, and to implement internal anti-money laundering systems and procedures. These will be outlined in an enforceable code of practice
  • A requirement that financial institutions obtain, verify and retain information concerning the identity of the originator of wire transfers.
« ANZ to buy ING for A$1.76bSovereign takes regulation bull by the horns »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
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 - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
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 6.89 6.55 6.35
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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 7.29 6.59
SBS Bank Special - 7.14 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.21 7.29 6.65

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