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News Archive - February 2010

2 Feb 2010Reserve Bank considers liquidity controls for non-bank deposit takers
The Reserve Bank is considering introducing new liquidity controls for non-bank deposit takers as part of the new prudential regime which comes into effect next month which require firms have risk management plans.
3 Feb 2010SCF says impairments lead to first-half loss
South Canterbury Finance said it will post a first-half loss on writedowns of impaired assets.
3 Feb 2010Reserve Bank fuels deposit war: PwC
The Reserve Bank's harsher liquidity controls on banks has fuelled the tough competition for customer deposits, even as consumers become more reluctant to put their money in the bank.
4 Feb 2010Equitable investors shift into debentures
UPDATED: Investors in the Equitable Mortgage Income Trust are quietly shuffling into debentures as the group winds up its Mortgage Income Trust.
8 Feb 2010Rates Round Up
Deposit war not likely to abate for the next two years;  Ivan Erceg bankruptcy hangs over Dorchester Pacific:PGG Wrightson switches facility from South Canterbury Finance to banks
10 Feb 2010South Canterbury Finance faces billion dollar liquidity risk
South Canterbury Finance faces a billion dollar liquidity risk this year and it is banking on getting accepted into the government's extended guarantee scheme to help ease some of the strain.
11 Feb 2010Strategic Finance mulling the Hanover route as receivership threat loo
Strategic Finance is mulling over a similar debt-for-equity route that got Hanover Finance and its associated companies out of trouble last year as the threat of receivership hangs over its head.
12 Feb 2010Failed finance companies net PwC more than $10mill
Failed finance companies have netted PricewaterhouseCoopers more than $10 million since the sector collapse started in 2006.
14 Feb 2010Rates Round Up
Hawk continues to circle Cynotech investors; Moody’s downgrades PINs notes series 2005-1; Closing in on Marchmont Securities’ identity.
15 Feb 2010Bridgecorp directors front up in court
The directors of failed finance company Bridgecorp heard the charges against them at a depositions hearing in the Auckland District Court today.
16 Feb 2010RBNZ’s liquidity measures no problem for SCF: Maier
South Canterbury Finance chief executive Sandy Maier doubts the central bank's proposed liquidity controls for non-bank deposit takers (NBDTs) would be a problem for the company.
17 Feb 2010S&P dishes out another three ratings
Standard and Poor's have announced its credit ratings for Fisher and Paykel Finance, PGG Wrightson Finance and Manchester Unity.
18 Feb 2010Small finance companies likely to be forced out: KPMG
This year is set to be the year of consolidation amongst non-bank deposit takers after a dismal 2009 when the sector racked up more than half a billion dollars worth of losses.
19 Feb 2010Govt may widen range of debt securities
The government is keen on resuming the issuance of inflation-indexed bonds and is considering increasing the range of debt securities offered by the New Zealand Debt Management Office.  
23 Feb 2010Geneva considers its future - again
Geneva Finance managing director David O'Connell wrote down the possibility of winding down the company in a letter to investors telling them the finance company's banking facilities are set to expire in 2015.
24 Feb 2010Geneva faces more trouble while NZF looks to recapitalise
Standard & Poor’s has given NZF Money a credit rating, along with a warning and also intimated Geneva Finance is on a downward path.
26 Feb 2010Wrightson Finance profit down, impaired assets up
Profit at PGG Wrightson Finance tumbled 29% in the first half of the financial year as the finance arm of PGG Wrightson boosted its provisioning for bad loans.
26 Feb 2010Flurry of finance company ratings continues
The flurry of credit ratings for finance companies continues with Standard & Poor's giving a BB- rating to Broadlands Finance.
26 Feb 2010Vision put into the high risk category
Standard and Poor's has given a rating to Vision Securities and decided to put it into the high risk category.

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