|1 Mar 2010||Allied Nationwide unable to accept money at the moment|
Allied Nationwide, which acquired the Hanover and United loan book last year is unable to accept deposits until it gets a credit rating.
|2 Mar 2010||Perpetual Trust weighing up Strategic Finance’s future|
Perpetual Trust holds the fate of Strategic Finance in its hands after receiving the beleaguered finance company’s best option on Friday.
|4 Mar 2010||Treasury questions beefed up trustee powers for Securities Commission|
The Treasury has questioned a proposal to beef up powers that will give the Securities Commission power to direct trustees in how they respond to breaches of trust deeds.
|4 Mar 2010||Allied looks for ways to back into guarantee scheme|
Allied Nationwide Finance is looking at ways to increase is capital so it can again be eligible for the goverenment's deposit guarantee scheme.
|5 Mar 2010||South Canterbury sweating on liquidity|
The timeline for the government’s retail deposit guarantee has put pressure on South Canterbury Finance’s liquidity position, according to rating agency Standard & Poor’s.
|9 Mar 2010||Allied's $220 million write-down may understate recoverable loans|
A $220 million writedown by Allied Farmers of its recently acquired Hanover/United investments portfolio may not necessarily result in zero value being extracted from those positions, McDouall Stuart said in its market weekly update.
|10 Mar 2010||Wholesale funding guarantee no longer needed|
Trading banks will no longer have access to government-guaranteed wholesale funding after the scheme - a response to the 2008 global financial crisis - closes on April 30, Finance Minister Bill English announced today.
|10 Mar 2010||Kiwibank looking to raise $150 million|
Kiwibank is considering raising up to $150 million through the sale of perpetual preference shares to the public.
|11 Mar 2010||Lombard shareholders approve plan for reverse takeover |
Long-suffering Lombard Group shareholders have the opportunity to recoup a fraction of their investment in the failed financial company after approving an Australian insurance company's offer for the shell as a backdoor listing on the New Zealand stock exchange.
|11 Mar 2010||MARAC accepted into extended guarantee scheme|
MARAC Finance has been approved under the extended Retail Deposit Guarantee Scheme.
|18 Mar 2010||SFO probes possible related-party breaches at Capital+Merchant|
Receivers for failed finance company Capital + Merchant Finance have referred documents to the Serious Fraud Office for investigation into transactions that appear to have benefitted "certain related parties."
|19 Mar 2010||Criminal charges laid against Capital+Merchant directors|
The Securities Commission has laid criminal charges and issued civil proceedings against Capital + Merchant Finance directors.
|19 Mar 2010||South Canterbury bonds hit 40%|
South Canterbury Finance's 2012 bonds have changed hands in a flurry this week at yields ranging between 30% and 40% as investors demand more of a premium to hold debt that would fall outside the extended government guarantee.
|23 Mar 2010||Geneva Finance's fate to be decided Friday |
Geneva Finance, the first finance company to enter a voluntary moratorium in November 2007, has warned investors if they do not approve the lender’s proposed capital restructure it is “likely” the company will be forced to wind down.
|23 Mar 2010||South Canterbury may have to raise more capital |
South Canterbury Finance, which is awaiting word on whether it has been accepted into the Extended Retail Deposit Guarantee scheme, may have to raise more capital and sell non-core assets, according to owner Allan Hubbard.
|24 Mar 2010||Strategic’s Finnigan freelancing after receivership, oversees FAI repa|
Kerry Finnigan, the former head of Strategic Finance, will continue to operate as a freelance consultant as the dust in the finance sector settles, and the survivors come through the other side.
|26 Mar 2010||Strategic receivers say no money available for pref shareholders|
Receivers of Strategic Finance say there is no money available to repay the failed finance company's preference shareholders and there will likely be a shortfall in the total amount available to creditors.
|29 Mar 2010||Rates Round Up|
Perpetual Trust defends Strategic receivership; Broadlands Finance flags liquidity risk; OPI Pacific investors waiting on receiver update.
|29 Mar 2010||Power refers Strategic Finance to Securities Commission|
Commerce Minister Simon Power has referred Strategic Finance to the Securities Commission after Act MP John Boscawen first raised concerns about the status of some of the failed finance company’s second mortgages.
|30 Mar 2010||S&P downgrades, then upgrades Geneva |
Rating agency Standard & Poor's downgraded, then upgraded, Geneva Finance after investors backed the bid to defer repayments to debenture holders and gradually remove its $30 million facility with BOS over the next five years.