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Jenny Ruth
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SCF's good asset realise a third of total book

Thursday 27th of October 2011

 

In their latest report, the receivers say loan book realisations, including the sale of Face Finance's loan book and SCF's “good bank,” and operating lease income totalled $371.2 million.

A separate report on Face Finance shows its sale in May 2011 to GE Capital was at or about face value – loan book and leased assets realisations totalled $105 million and other items such as interest and operating lease income took the total realised from Face in the six months to $107.5 million.

The reports don't provide any information on how much the $123 million in assets within the “good bank” were sold for. The were bought by Japan-based global investment bank Nomura.

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Latest Comments
FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
2 hours ago Steve Wright
FMA outlines its latest expectations for advisers
Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
4 hours ago Backstage
FMA outlines its latest expectations for advisers
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2 days ago Jon-Paul Hale
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