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ANF receivers repaid less than half the govt guarantee

The receivers of Allied Nationwide Finance (ANF) have repaid only $60 million of the $128.1 million the government paid out to debenture holders under its guarantee scheme, their third report shows.

Monday, October 31st 2011, 11:34AM

by Jenny Ruth

ANF was one of six companies, of which the government is now the sole creditor, transferred into a new crown-owned company last week.

Receivers Andrew Grenfell and Kerryn Downey of McGrathNicol say in their report they sold ANF's non-performing consumer credit loan book in April and that other non-performing loans continue to be collected and pursued by ANF staff.

The report shows loan receipts in the six months ended August 19 totalled $32.9 million and the proceeds of the sale of property plant and equipment totalled $166,000.

The receivers say they tried to sell "specific loans" within ANF's performing portfolio and for the performing receivables incorporated in Speirs Securities' securitisation vehicle, of which ANF is administrator, but have receive no satisfactory offers.

"The receivers have recently initiated discussions with further interested parties who are currently performing due diligence on the remaining loan books," they says.

« New company for Government receivership assetsContact considers $150m subordinated bond issue »

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