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News Archive - December 2007

2 Dec 2007Cymbis put on negative credit watch
Credit rating agency Fitch Ratings has placed Cymbis, a company related to Capital + Merchant finance, on negative watch, but has not lowered its ratings.
4 Dec 2007Banks play cat and mouse over deposit rates
The big news in the finance company sector last week was the collapse of Capital + Merchant, but that hasn't slowed down competition between remaining players.
4 Dec 2007Putting cash into PIEs
While many other asset classes have development PIE compliant funds to take advantage of the new rules which came into play on October 1, it has taken until this week for the first tax-efficient cash fund to be launched.
4 Dec 2007Advisers in spotlight over fin coy collapses
KPMG's latest financial institutions survey turns the spotlight on financial advisers and their role in recent finance company collapses.
6 Dec 2007Judgment reveals C+M's poor state
Capital + Merchant's legal attempts to stave off receivership have provided a disturbing insight into the poor shape of the business.
12 Dec 2007New online account from PSIS
PSIS has entered the highly competitive online call account market with a new product offering many of the same features as the banks.
12 Dec 2007NZ Finance gets more funding
New Zealand Finance has secured two significant lending facilities, one from ASB's parent, Commonwealth Bank of Australia (CBA), and the other from Westpac.
14 Dec 2007Provincial payout reaches 72.5%
Provincial Finance debenture holders are getting another payment of 7.5c in the dollar, taking total payouts so far to 72.5c.
17 Dec 2007Numeria follows in footsteps of Capital + Merchant
Small finance company, Numeria Finance, which is related to failed finance company Capital + Merchant Finance, has gone into receivership.
18 Dec 2007South Canterbury Finance offer closes fully subscribed
South Canterbury Finance has raised $125 million in a bond offer which closed fully subscribed.
18 Dec 2007Bridgecorp investors get bad news
Bridgecorp investors have been delivered some bad news just a week out from Christmas.
19 Dec 2007Credit Agricole sets rate
Credit Agricole has set the interest rate on its deeply subordinated notes at 10.035%.
20 Dec 2007Clegg investors get first payment
Debenture holders in collapsed finance company Clegg and Co will get their first, modest, distribution before Christmas.
21 Dec 2007Weak investor confidence frustrates companies
Instant Finance, which specialises in personal finance lending, has doubled its profit, achieving a net surplus after tax of $2.45 million for the six months ended September 30.
21 Dec 2007PSIS latest to get S&P rating
Standard & Poor's has given PSIS a BB+ credit ratings and says the rating outlook is stable.

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Rabobank 0.75
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Today's Top 5 Deposit Rates
InstitutionRateProduct
NZCU Auckland 1.00 Success Saver
First Credit Union 0.75 Online Savings
Rabobank 0.75 Rabobank PremiumSaver - max rate
Heretaunga Building Society 0.60 On Call
NZCU Baywide 0.60 Success Saver
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ANZ 0.10 0.10 0.11
ASB Bank 0.05 0.41 0.42
ASB Bank 0.05 0.59 0.56
ASB Bank 0.05 0.61 0.64
ASB Bank 0.08 0.66 0.69
ASB Bank 0.08 0.72 0.75
BNZ 0.10 0.10 0.10
Heartland Bank 0.40 0.40 0.40
Kiwibank 0.05 - -
Kiwibank 0.25 - -
Nelson Building Society - - -
SBS Bank - - -
TSB Bank 0.25 0.25 0.26
Westpac 0.35 0.36 0.38
Westpac 0.05 0.05 0.05
Westpac 0.35 0.36 0.38

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