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

Other Sites:
deposit rates

Complaints prompt Securities Commission to warn ING investors

The Securities Commission is warning ING investors to consider the offer they received from ING New Zealand last week carefully after receiving a large number of complaints over the proposal.

Thursday, 18 June 2009

by Paul McBeth

The regulator reviewed ING's offer, but didn't find the documents to be misleading or deceptive. It acknowledged investors face a difficult decision with the outcome uncertain and urged them to seek independent legal or financial advice if they didn't understand the proposal.

"Investors are encouraged to carefully consider the information provided with the offer they received," the Commission said in a statement. "The potential future value of the units in the funds is extremely difficult to calculate."

ING offered investors in its two frozen funds 60 cents or 62 cents in the Diversified Yield Fund and Regular Income Fund respectively or the sale of their units at the same price while transferring funds into an ANZ cash account paying 8.3% interest for five years. In exchange for the buy-back, investors would have to waive their right to pursue any legal claims against the fund manager.

Investors have until July 13 to decide, and if they fail to respond to the deal they will remain as unitholders in the two funds.

The two funds are very unlikely to recover to levels comparable to the offer, according to ING NZ chief executive Helen Troup.

 

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Deposit Rates go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

print

 Printable version

print

 Email to a friend
Find a Rate
Show me the rates for
$
invested over
Use the full calculator
Previous News

2 September 2010
SCF’s long history blurred in an instant

2 September 2010
Strategic book value deficit at $195.5m

1 September 2010
HBS members give SBS merger thumbs up

31 August 2010
Keep South Canterbury in perspective: NZIER chief economist

31 August 2010
Rates Round Up

MORE NEWS »

Cash PIE Rates
Cash Funds
Institution Rate 33% 38%
ANZ 3.25 3.40 3.67
ASB 3.40 3.55 3.84
BNZ 3.90 3.71 4.01
Direct Broking 2.85 2.98 3.27
First Mortgage Trust 5.01 5.23 5.66
Forsyth Barr 2.00 2.09 2.30
Forsyth Barr 2.25 2.35 2.58
Forsyth Barr 2.75 2.87 3.16
Forsyth Barr 3.00 3.13 3.44
HSBC 2.70 2.82 3.05
Kiwibank 2.90 2.96 3.15
Kiwibank 3.50 3.58 3.80
Marac 5.50 5.75 6.31
National Bank 3.25 3.40 3.67
RaboPlus 3.50 3.71 4.01
SBS 3.20 3.39 3.66
Spicers 2.68 2.80 3.08
TSB 4.81 5.10 5.52
UDC 3.50 3.66 3.95
Westpac 3.25 3.43 3.71
Term Funds
Institution Rate 33% 39%
ANZ - 90days 4.00 4.25 4.67
Kiwibank - 90days 3.75 3.92 4.23
Kiwibank - 120days 3.75 3.92 4.23
Kiwibank - 6mth 4.50 4.68 4.98
Kiwibank - 12mth 5.20 5.43 5.87
Marac - 12mth 7.25 7.77 8.40
National Bank - 90days 4.00 4.17 4.59
National Bank - 6mth 4.90 5.01 5.42
National Bank - 12mth 5.20 5.53 5.95
UDC - 12mth 5.20 5.51 5.95

Rates as at 02 August 2010

For a full comparison table, click here.
Newsletter Signup

Weekly Updates including news and commentary

More info - RSS feeds - Unsubscribe/Update

Latest Trends

With the recent movement in five-year term deposit rates in the past week by BNZ and ASB, the above graph looks at the margins between the major retail banks five-year fixed home loan rates and the five-year term deposit rates since the beginning of the year.

The term deposits are based on a $10,000 deposit.

MORE »
Find an Adviser
   or use the map below

Add your company

Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.

© Copyright 1997-2010. Tarawera Publishing Ltd. All Rights Reserved.