|2 Nov 2009||Deposit takers play the long game |
ANZ and National Banks have taken the lead in the deposit rate war, boosting their returns on terms for 12 months or more, amid grumbling from group chief executive Mike Smith that the fight for retail customers was "ridiculous" and was pricing banks out of business.
|5 Nov 2009||Government increases provisioning for deposit guarantee|
The government has increased its provisions for the retail deposit guarantee scheme to $863 million for any potential payments it is forced to pay out.
|5 Nov 2009||St Laurence staves off threat of receivers|
St Laurence, the finance company that went into moratorium last year, has staved off the threat of receivers after additional loan provisioning sparked its trustee, Perpetual Trust, to review its position.
|8 Nov 2009||Rates Round Up|
Mixed week for investment rates; Goodman Property Trust looks to offer bond; Transpower joins flood of power companies in the bond market.
|9 Nov 2009||ASB hikes TD rates|
Commonwealth Bank of Australia, the parent of ASB, said the deposit rate competition in New Zealand was damping its profit margin, in its September quarterly update, after it boosted its rates over the weekend.
|10 Nov 2009||Hanover reneges on full repayment to investors|
Hanover Finance doubts it will be able to make full repayments to its investors under the debt restructuring plan due to the “rapid deterioration in the commercial property development market.”
|11 Nov 2009||RBNZ expects failures among guaranteed finance companies|
The Reserve Bank expects there will be some failures in finance companies covered by the government's deposit guarantee scheme as they come to grips with new prudential requirements due to come in next year.
|11 Nov 2009||SBS joins the PIE fight|
SBS Bank has launched its a cash PIE term investment account in competiton with other banks.
|12 Nov 2009||Five Star directors to be prosecuted|
The Companies Office has laid criminal charges against Five Star Consumer Finance directors Marcus MacDonald, Anthony Bowden and Nicholas Kirk. De facto director Neill Williams has also been charged.
|12 Nov 2009||Deposit war keeps bank margins under pressure|
The deposit war amongst the banks over the past year has kept their profit margins under pressure according to reports by the central bank and auditor KPMG.
|16 Nov 2009||The Hawk set to swoop on Cynotech|
Allan Hawkins is set to swoop on Cynotech Holdings Ltd., the small finance company he chairs, after his private investment company announced plans for a takeover bid. The shares surged almost 32% to 14.5 cents.
|18 Nov 2009||Allied and Hanover confirm deal|
BREAKING NEWS: Allied Farmers and the Hanover Group have confirmed speculation that they will do an equity swap which will see Hanover and United investors become shareholders in the listed Allied Farmers.
|18 Nov 2009||Allied Farmers offers hand of welcome to Hanover investors|
Allied Farmers, with a market value of $12 million, agreed to buy Hanover Finance's financial assets for $400 million in stock, effectively giving Hanover's debenture holders 95% of the enlarged company.
|18 Nov 2009||Fisher & Paykel and UDC hike rates|
A handful of finance companies have given retail depositors a hump day surprise, boosting their rates, amid tweaks to the government’s guarantee scheme.
|18 Nov 2009||Deposit guarantee scheme gets tweaked|
Changes have been made to the original Government deposit guarantee scheme allowing firms to offer both guaranteed and non-guaranteed deposits.
|19 Nov 2009||Boston Finance placed in receivership|
Boston Finance trustee, Perpetual Trust, has put the company in receivership, ending the moratorium arrangement which has been in place since March last year.
|19 Nov 2009||CBS Canterbury ‘very happy’ with BB+ credit rating|
South Island-based CBS Canterbury has been allocated a BB+/B counterparty credit rating with a stable outlook by agency Standard & Poor’s, giving it the opportunity to take up the government’s extension to the retail deposit guarantee scheme.
|24 Nov 2009||Resurgent risk appetite breathes life back into debt market|
Resurgent appetite for higher-yielding, or riskier, assets has breathed life back into a debt market left for dead a year ago.
|24 Nov 2009||Rates Round Up|
Goodman Property Trust to raise $150 million; Transpower dishes up detail of bond offer; CBS surprised at deposit war intensity; Latest rate changes and more.
|24 Nov 2009||Bouquet for St Laurence; Brickbat for Strategic|
McDouall Stuart has praised the transparency of St Laurence for keeping its investors informed and meeting specific repayment targets as part of its moratorium arrangement, while it raised questions around the ability of Strategic Finance's ability to meet repayments.
|25 Nov 2009||Rumours of new Hanover bid greatly exaggerated|
News this morning of a second bid for Hanover and United Finance’s assets appear to be greatly exaggerated.
|26 Nov 2009||McLeod leaves South Canterbury, but sticks with Hubbard|
Lachie McLeod will leave South Canterbury Finance, the finance company controlled by Timaru businessman Allan Hubbard, at the end of the month.
|29 Nov 2009||Rates Round Up|
NZ Association of Credit Unions gets BB rating; Bank status helps SBS boosts deposits; Dorchester buys Emerald Hotel; Lombard still hanging on for reverse takeover with ACIL; CBS Canterbury main rate mover.
|30 Nov 2009||Allied’s Hanover deal better than receivership|
Hanover's two independent directors, David Henry and Des Hammond, have given their approval to Allied Farmers' proposal to acquire the finance company's finance assets for shares.
|30 Nov 2009||The choice for Hanover investors: Receivership or Allied Farmers?|
Hanover investors face two choices: receivership or the Allied Farmers deal. Depositrates.co.nz compares the pros and cons of each option.
|30 Nov 2009||Dorchester to end its moratorium|
Dorchester Pacific is looking to exit its moratorium in an offer to debenture holders that would see them recoup between 87 cents and 91 cents in the dollar.