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Equitable Mortgages has eye on extended deposit guarantee scheme; Guardian Trust hoses down criticism of indemnity clause in Hanover deal; Battle of the credit unions.  

Sunday, December 13th 2009, 10:37PM

Equitable Mortgages has eye on extended deposit guarantee scheme
Equitable Mortgages has confirmed it plans to apply to for the government's extension to the deposit guarantee scheme in group chief executive Peter Thomas' final newsletter for the year. Thomas said the company will keep investors in the loop as to how the application goes, and added he is confident Equitable will be an early adopter of the new authorisation regulations for insurance and debenture issuers.

Guardian Trust hoses down criticism of indemnity clause in Hanover deal
Guardian Trust, the trustee for Hanover Finance, has hosed down suggestions it has used Allied Farmers' $400 million all-stock offer for the Hanover and United loan books to extricate itself, saying the indemnity clause merely continued the current arrangement.

Spokesman Mike Knowles said the indemnity was standard practice and that their legal team included it as a matter of course. Knowles said they probably should have informed investors that the clause was nothing out of the ordinary and not an attempt to avoid any extra liability.

Battle of the credit unions
CU South and CU Auckland ramped up their short-term rates in a fairly quiet week in the ongoing battle for depositors money, while BNZ, Rabobank and HSBC took the knife to some of their rates.

CU South boosted its three-month rate 125 basis points and its 12-month term 50 points, while CU Auckland raised its six-month term 105 points, its nine-, 12-, and 18-month term 50 points, and its two-year offerings by 5 points.

Bank of New Zealand cut its 18-month terms by 15 points, while HSBC took 30 points from its three-month deposits. Rabo was a bit more brutal, cutting its call option by 10 points, its three-month term by 50 points, its six-month by 85 points and its 12-month by 5 points. Rabo also sliced returns from its longer dated deposits, cutting 15 points from its two-year terms, 10 points from the three-year, 5 points from the four-year terms and 10 points from its five-year deposits.


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