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Latest Deposit Rates news

Wholesale funding guarantee no longer needed

Wednesday, March 10th, 10:07am

Trading banks will no longer have access to government-guaranteed wholesale funding after the scheme - a response to the 2008 global financial crisis - closes on April 30, Finance Minister Bill English announced today.

"The wholesale funding facility was set up in November 2008 when the liquidity crisis had hit global markets," he told the New Zealand Australia Investment Forum in Auckland. "It helped our banks access funding during that crisis, but international market conditions have improved - and continue to improve in 2010. New Zealand banks are now raising funds without using the guarantee, which was always envisaged as a temporary measure for extraordinary times

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Allied's $220 million write-down may understate recoverable loans

Tuesday, March 9th, 4:10pm

A $220 million writedown by Allied Farmers of its recently acquired Hanover/United investments portfolio may not necessarily result in zero value being extracted from those positions, McDouall Stuart said in its market weekly update.

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South Canterbury sweating on liquidity

Friday, March 5th, 12:09pm

The timeline for the government’s retail deposit guarantee has put pressure on South Canterbury Finance’s liquidity position, according to rating agency Standard & Poor’s.

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Allied looks for ways to back into guarantee scheme

Thursday, March 4th, 12:04pm

Allied Nationwide Finance is looking at ways to increase is capital so it can again be eligible for the goverenment's deposit guarantee scheme.

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Treasury questions beefed up trustee powers for Securities Commission

Thursday, March 4th, 12:02am

The Treasury has questioned a proposal to beef up powers that will give the Securities Commission power to direct trustees in how they respond to breaches of trust deeds.

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Perpetual Trust weighing up Strategic Finance’s future

Tuesday, March 2nd, 10:14pm

Perpetual Trust holds the fate of Strategic Finance in its hands after receiving the beleaguered finance company’s best option on Friday.

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Allied Nationwide unable to accept money at the moment

Monday, March 1st, 10:57pm

Allied Nationwide, which acquired the Hanover and United loan book last year is unable to accept deposits until it gets a credit rating.

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Vision put into the high risk category

Friday, February 26th, 12:52pm

Standard and Poor's has given a rating to Vision Securities and decided to put it into the high risk category.

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Flurry of finance company ratings continues

Friday, February 26th, 7:19am

The flurry of credit ratings for finance companies continues with Standard & Poor's giving a BB- rating to Broadlands Finance.

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Wrightson Finance profit down, impaired assets up

Friday, February 26th, 6:53am

Profit at PGG Wrightson Finance tumbled 29% in the first half of the financial year as the finance arm of PGG Wrightson boosted its provisioning for bad loans.

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The above graph shows the yield curve with little variation within the four year period of 2005 through to 2008 in comparison to the positive curve as it now stands due to the depth that the short-term rates have plummeted.

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