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deposit rates

News Archive - December 2009

1 Dec 2009Strategic investors about to get first payment
Strategic Finance is gearing up to make its first payment to debenture holders under its moratorium agreement, and expects this to go through over the Christmas-New Year's period.
2 Dec 2009Home loans help NZF grow its assets
NZF Group boosted its first-half profitability after it wrote-back some impaired loans and got better prices for the sale of some weak assets.
3 Dec 2009Allied confident investors will support Hanover deal
Allied Farmers is confident it can realise more value from Hanover’s loan books than the failed finance company can operating under its moratorium.
4 Dec 2009Lombard Finance makes first payment to debenture holders
Lombard Finance, which was put into receivership by its trustee, has made its first payment to debenture holders of 6.5 cents in the dollar.
4 Dec 2009Perpetual flags its concerns over Allied/Hanover deal
United Finance trustee Perpetual Trust has pegged Allied Farmers' share issue as a potential concern for investors in the $400 million offer to buy Hanover Finance's loan books.
6 Dec 2009Rates Round Up
St Laurence Property & Finance changes name, distances itself from shareholder; OPI Pacific Finance facing Securities Commission probe; Guardian Trust makes fourth repayment; Canterbury University raises $50 million; NZF, Equitable and F&P Finance go toe-to-toe in 6-month to 3-year space.  
7 Dec 2009Hanover's Hotchin urges investors to ignore their dislike of him
Hanover shareholder Mark Hotchin is urging investors to ignore their personal dislike of him and accept the $400 million all-stock deal offered by Allied Farmers to get the failed finance firm out of moratorium.
9 Dec 2009Shake up sees notes suspended
Meridian Energy has suspended its offering of new Renewable Energy Notes following government's decision to shake up the electricity market.
9 Dec 2009Questions over loan to former SCF boss McLeod
Brokerage McDouall Stuart has raised questions about a related-party loan to outgoing South Canterbury Finance chief executive Lachie McLeod to let him buy into parent-company Southbury, though it sees a lot of value in two of the finance company's longer-dated bonds.
13 Dec 2009Rates Round Up
Equitable Mortgages has eye on extended deposit guarantee scheme; Guardian Trust hoses down criticism of indemnity clause in Hanover deal; Battle of the credit unions.  
14 Dec 2009Strategic Finance now unsure of first payment
Strategic Finance is talking down expectations that investors will receive their first repayment next month.
14 Dec 2009Investors to get power to put finance companies into receivership
New regulations for moratorium proposals will give investors the power to vote for receivership if the offer does not proceed as expected.  
16 Dec 2009Hanover investors vote to accept Allied Farmers shares
Investors in Hanover Finance voted to accept shares in Allied Farmers, betting that the asset swap offers the best hope of recovering the value of their investments.
16 Dec 2009BNZ, Rabo boost long-term deposit rates
Bank of New Zealand and Rabo upped their long-term deposit rates in a mid-week flurry of movement in the ongoing competition for domestic retail funds.
17 Dec 2009PGG Wrightson sets up banking syndicate
PGG Wrightson Finance, the finance unit of the rural services company, has set up a formal banking syndicate with Bank of New Zealand and Commonwealth Bank of Australia to provide wholesale funding to the business for the next two years.
21 Dec 2009Rates Round Up
Dorchester gives debenture holders a Christmas present; Hawk announces takeover plan for Cynotech Holdings; Deposit takers keep switching rates after mid-week flurry.  
21 Dec 2009Cash PIEs get the official chop
Cash PIEs have been incredibly popular attracting billions of dollars of investors' money since they were invented several years ago. However, changes to the government's deposit guarantee scheme will see them lose their protected status.  
22 Dec 2009Meridian looks to issue bonds as well as notes
Meridian Energy is pushing ahead with its first issue of retail bonds and will shortly resume its Renewable Energy Bonds programme once documentation is revised to reflect the impacts of electricity industry reforms announced earlier this month by Energy Minister Gerry Brownlee.
23 Dec 2009Marac to offer non-guaranteed term deposit
Marac will test the waters early next year when it launches its first term deposit not covered by the government's retail deposit guarantee scheme.
28 Dec 2009Six pull out of govt retail deposit scheme
Six institutions have pulled out of the government’s retail deposit guarantee after they decided not to accept the latest round of tweaks to the scheme.

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