Latest Deposit Rates news

Liquidiator mum on Five Star funding commitments

Ongoing litigation has Five Star Finance's liquidator is keeping mum on the amount of funds on hand in the trust account and where it is committed.

Gerry Rea Partners said it will not disclose the funds on hand after it managed to claw back $261,000 in the six months through June 16. It also managed to win $505,000 plus interest from director Neil Williams' wife Jeanne, though the judgement is being appealed, and the liquidator said it will probably take action regarding cheques signed by Williams in excess of $500,000. The principal assets still be realised are Five Star's accounts receivable, and the liquidator expects further recoveries from a number of debtors, including Richmond Park Properties, which is owned by directors Nicholas Kirk, Anthony Bowden and Marcus Macdonald

HBS members give SBS merger thumbs up

Hastings Building Society members have signed off on a bid to merge with SBS Bank that will give the mutual more security as tough rules for non-bank draw closer.

Keep South Canterbury in perspective: NZIER chief economist

The biggest danger from the South Canterbury Finance receivership is overblowing its importance to the wider economy, sparking an unnecessary impact on consumer and business confidence, says the New Zealand Institute of Economic Research's principal economist, Shamubeel Eaqub.

Rates Round Up

ANZ National sheds deposits in June quarter while Westpac adds to its book; Blue Star hopes to get bond interest payments up and running; NBDT regs push Fletcher Building out of market; Manukau City put up another retail bond; Dorchester looks to boost directors' fees, CEO pay.

Scales unaffected by SCF receivership

South Canterbury Finance-controlled industrial group and apple grower, Scales Corporation, today reported a $10.1 million pre-tax operating surplus for the year to June 30, and a reassurance that it is unaffected by its majority shareholder's receivership. 

SCF process will take up to five years: English

The government expects to spend up to five years getting as much of its money back as possible from the bail-out of failed financier South Canterbury Finance, Finance Minister Bill English said today.  

South Canterbury bond speculators reap fat reward as finance firm fail

Bargain hunters who bet against South Canterbury Finance in the NZX debt market will be rubbing their hands with glee today with the guarantee covering the failed financier's listed bonds plus interest.  

South Canterbury needed up to $300 mill to survive: Maier

South Canterbury Finance couldn't agree on the terms and conditions with three groups that were willing to stump up cash to keep the country's second-biggest finance company alive.

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