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deposit rates

News Archive - May 2010

3 May 2010Rates Round Up
First Mascot Finance payment beats expectations; NZDMO to increase this year's bond programme; MTF cancels credit rating on euro commercial paper.
3 May 2010 No silver lining for Bridgecorp investors
Investors looking for a silver lining in the latest update on the Bridgecorp receivership will be disappointed with no sign of any improvement in the figures.
4 May 2010Commerce Commission assesses First Step trusts
New information has the Commerce Commission looking to see whether Money Managers (now MMG Advisory Group) breached the Fair Trading Act over its beleaguered First Step and First Up investment trusts.
6 May 2010S&P tells South Canterbury how it can improve its rating
Standard & Poor's has set out a range of conditions that South Canterbury Finance need to fulfill to get off its negative Credit Watch status.
9 May 2010The news gets worse for Nathans Finance debenture holders
Investors in Nathans Finance may be in for tougher times ahead with the latest update on the failed finance company’s receivership flagging a “significant loss” for debenture holders.
10 May 2010Receiver still untangling OPI Pacific's position
OPI Pacific receiver Colin McCloy of PricewaterhouseCoopers has told investors he is unable to give an estimate on how much money he will be able to claw back for them as he continues to untangle the failed finance company's books.
10 May 2010Taxpayers bail out another finance company
Rockforte Finance the minnow finance company caught up in last year's liquidation of the Jeans Jones retail chain, has become the fourth lender guaranteed by the government to fail.  
11 May 2010Receivers coy on future payments to Five Star investors
Five Star Consumer Finance’s receiver is still coy as to whether investors will get another 2.5 cents out of the failed finance company.
12 May 2010Propertyfinance Group recommends voluntary liquidation
Propertyfinance Group’s directors have given up the ghost and will urge shareholders to send the business into voluntary liquidation.
14 May 2010Viaduct Capital calls in the receivers
Viaduct Capital has called in the receivers, telling investors that most of them will get their money back from the government because the bulk of the funds were collected before the finance company was suspended from the deposit guarantee last year.
17 May 2010Rates Round Up
18 May 2010Fisher & Paykel Finance gains acceptance to extended guarantee scheme
Fisher & Paykel Finance, the unit of Fisher & Paykel Appliance Holdings, has been approved by Treasury to participate in the extended New Zealand retail deposit guarantee scheme. 
19 May 2010End of retail deposit guarantee threatens fin coy liquidity: RBNZ
The looming end of the government's retail deposit guarantee is a threat to finance companies' liquidity, and the Reserve Bank is expecting more consolidation in the sector as firms struggle to attract funds.
19 May 2010South Canterbury Finance recovers $200 mill
South Canterbury Finance has recovered $202 million of outstanding loans since the start of the year and says its specialist asset management team is making good progress with non-core and non-performing debt.
19 May 2010SFO lines up more charges for Bridgecorp's Petricevic and Roest
The Serious Fraud Office has lined up two more charges for failed financier Bridgecorp's directors Rod Petricevic and Rob Roest, taking the total value of alleged fraud by the pair to $5.2 million.
20 May 2010Strong demand for bonds, but little on offer
Investors have developed an appetite for corporate bonds are there is strong demand for the securities this year as the level of new issuance continues to subside.
24 May 2010Rates round up
Another payout for Dominion Finance investors; Perpetual gives Dorchester sign-off to go to investors; Sky City buys back capital notes.  
25 May 2010Two of three Compass loans total duds
Investors in Bridgecorp-related Compass Capital will have to rely on insurance for any pay out.
26 May 2010NZF securitises $100 mill loan book
NZF Group has securitised $100 million of its loan book and plans to launch the country’s first residential mortgage-backed securities (RMBS) in almost three years to institutional investors.
31 May 2010Rates Round Up
Allied Farmers further writes down Hanover book; Forsyth Barr division gets BB rating from Fitch; Wairarapa Building Society getso govt guarantee; Fairfax to delist redeemable preference shares.  
31 May 2010NZF writes down value of Mike Pero joint venture
NZF Group, which recently launched the country's first residential mortgage-backed securities in three years, has posted a full-year loss after it wrote-down the value of a joint venture with Mike Pero Mortgages.

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