|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Sunday, July 5th, 10:55PM


Latest Headlines

Rates round up

South Canterbury Finance and PGG Wrightson accepted to extended guarantee, Bank liquidity regime comes into play, Vision Securities sent to receiver

Tuesday, April 6th 2010, 6:02AM

by Paul McBeth

South Canterbury Finance, PGG Wrightson accepted to extended guarantee

South Canterbury Finance and PGG Wrightson Finance have been accepted into the government's extended retail deposit guarantee scheme. Though there was not too much doubt over Wrightson, debate has been rife over the future of SCF, and chief executive Sandy Maier put it down to the loyalty of the company's investors.

The Timaru based finance company received a $22 million injection from its parent, Southbury Corp, after George Kerr's distressed asset fund Torchlight Fund No. 1 LP, bought convertible notes, with an option of topping it up by another $15.5 million.

Bank liquidity regime comes into play

Banks now face tougher liquidity rules that will limit their ability to source their funds from offshore wholesale credit markets for periods of less than a year. The new regulations require banks to keep non-market lending, which includes deposit rates, and long-term wholesale funding at a ratio of 65% of their total loan book and assets.

ANZ National Bank says lending rates will "tend to be higher for a given level of the OCR than previously" but savers will benefit on a relative basis.

Vision Securities sent to receiver, investors covered by guarantee

Specialist retirement village financier Vision Securities has been sent to the receivers after it failed to settle a major loan that would have netted it some $6.5 million and kept the company afloat. Perpetual Trust called in receivers Rod Pardington and David Levin of Deloitte to wind-down the company. Still, its 953 investors owed $28 million will get their money back, as Vision is covered by the government's retail deposit guarantee, and the crown will take their place as a creditor.


Paul is a staff writer for Good Returns based in Wellington.

« Dorchester recapitalisation runs behind scheduleHawk coy on Cynotech’s future »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Today's Best Bank Rates
Rabobank 1.25  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News


Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
Site by Web Developer and