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deposit rates

Fisher & Paykel Finance gains acceptance to extended guarantee scheme

Fisher & Paykel Finance, the unit of Fisher & Paykel Appliance Holdings, has been approved by Treasury to participate in the extended New Zealand retail deposit guarantee scheme. 

Tuesday, 18 May 2010

The government scheme, implemented at the height of the credit crunch, extends FPF's guarantee from October 12, when it was originally intended to end, until December 31, 2011. FPF is the fifth finance company to have an approved extension by Treasury.

Alastair Macfarlane, FPF's managing director, said that the company would be offering guaranteed and non-guaranteed deposits in order to ensure investors have a choice of the full range of investment opportunities.

"The company has continued to maintain satisfactory levels of debenture reinvestment from its investor base and viewed continuation of this support as a key factor in maintaining the strategy of diversification of funding for the business," Macfarlane said.

Standard & Poor's recently issued a long-term credit rating of BB, outlook stable, for FPF.

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