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deposit rates

News Archive - August 2009

3 Aug 2009Rates Round Up
Propertyfinance Group in the dark on recoverability of outstanding loans; Interest payments on Fidelity bonds deferred again; SCF board paving the way for Hubbard successor; ABN AMRO ups ante in five- and nine-month TD space.
5 Aug 2009Recovery of collapsed finance company books starts
Cynotech, the company headed by former Equiticorp boss Allan Hawkins is starting to recover money from the loan books of collapsed finance companies Western Bay and National Finance 2000.
6 Aug 2009RB mum on who it has given exemptions too
The Reserve Bank has exempted some non-bank deposit taking firms from the requirement to get a rating - but won't name the firms.
10 Aug 2009Rates round-up
First payment this week for Orange investors; Allied Nationwide looks for long-term deposits, F&P Finance cuts back rates; Fortress Notes gather momentum
11 Aug 2009Banks up stakes in the term deposit battle
Banks continue jockeying for position in the term deposit market with ASB, ANZ and National all making significant changes to short term rates in the past week.
13 Aug 2009PINs protection weakened
Investors, who put $75 million into the first offer of PINs notes have had more bad news delivered to them this week.
13 Aug 2009Brutally competitive deposit rates as banks woo savers
Unprecedentedly high deposit rates show New Zealand banks are seeking out savers "in a brutally competitive manner", says the first in a new PriceWaterhouseCoopers report on the country's Australian-dominated banking sector.
13 Aug 2009Two top finance companies junked
Standard & Poor's has stripped both South Canterbury Finance and Marac of their investment grade ratings.
16 Aug 2009Rates Round Up
More Momi trouble for Bridgecorp; Rockforte Finance in fashion spotlight; Equitable has new offer: Rates Update - who has hiked rates.
17 Aug 2009BNZ and Kiwibank increase long term TD rates
The battle for term deposit money heated up some more this week with Kiwibank and Bank of New Zealand making significant increases to rates yesterday.
18 Aug 2009F&P Finance doing better than expected
Fisher & Paykel Finance managed to boost its revenue over the past year and avoid the trouble seen by some of its contemporaries by staying out of property development and sticking to consumer credit.
20 Aug 2009Westpac warns of waning rates
Although term deposit rates have risen recently Westpac is picking shorter duration rates will ease in the coming weeks.
20 Aug 2009Marac faces long road to bank status
Marac's aspirations of transforming into a bank have become difficult following its downgrade by Standard & Poor's last week, according to one of the rating agency's analysts.
24 Aug 2009St Laurence woes shouldn't spill over to Property and Finance
The threat of receivership hanging over embattled finance company St Laurence Ltd. probably won't spill over to St Laurence Property & Finance, according to Kevin Podmore, a director of both companies.
25 Aug 2009General Finance improves quality of its loan book
General Finance has reported an increase in the provisioning for bad loans in its finance company, but also an increase in the quality of its book.
25 Aug 2009Deposit guarantee scheme extended
The government is extending its Retail Deposit Guarantee Scheme by a further 14 months to December 2011, hoping that the world economy will have recovered enough by then for finance companies, in particular, to get back on an even keel.
25 Aug 2009NZF looks to insurance to diversify business
Finance company NZF Group is looking to diversify its product offering with a new insurance range targeted at domestic customers.
27 Aug 2009S&P gives first building society rating
New Zealand's third largest building society, Southern Cross has been given a BB long term rating by Standards and Poor's, with a stable outlook.
28 Aug 2009Pyne Gould, South Canterbury, 'proud southerners,' post losses
South Island-based finance companies Pyne Gould Corp. and South Canterbury Finance reported annual losses after taking provisions against non-performing assets such as property loans.

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