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.

 

Tuesday, 31 August 2010

ANZ National sheds deposits in June quarter
ANZ National lost more than a billion of deposits in the June quarter as its rivals went on the offensive to attract more retail deposits, ahead of tougher prudential requirements for lenders.

The country's biggest bank lost $1.183 billion from its term deposit ledger, taking its total to $33.049 billion.

June quarter keeps Westpac smiling in deposit rate war
Westpac will be smiling after a strong June quarter in the ongoing competition for deposits, after it added $329 million to its term deposit ledger.

The bank had term deposits worth $17.46 billion as at June 30, beating out Bank of New Zealand with some $17 billion and Kiwibank at $6.9 billion. The other major banks have yet to release their general disclosure statements for the quarter.

Blue Star hopes to get bond interest payments up and running
Blue Star Group wants to get its bond interest payments up and running as soon as practical after it suspended them last year after it reached agreement with its senior lenders to reset its banking covenants.

The printing group posted a loss of $2.7 million in the year ended June.

NBDT regulations push Fletcher Building Finance out of market
Fletcher Building's has restructured its funding vehicle to dodge the Reserve Bank's prudential requirements, and will no longer use Fletcher Building Finance as its preferred source of funds.

The changes will not affect existing capital note holders.

Manukau City put up another retail bond
Manukau City is looking to raise more money from the public, and will launch a retail bond of up to $350 million in November.

Minimum subscription will be $5,000, and the bonds will mature in 2017. The minimum interest rate and issue margin will be set at the end of the month.

Dorchester looks to boost directors' fees, CEO pay
Dorchester Pacific is asking shareholders to approve its pool for directors' fees to $300,000 from $240,000, and lift chief executive Paul Byrnes' pay to $341,360.

The increase in directors' fees is to cover the prospect of another person joining Dorchester's board, while Byrnes' package, which includes a loan of $250,000 to buy shares, is to compensate his new full-time role with the financier and insurer.

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.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.