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News Archive - November 2010

1 Nov 2010Heartland Bank licence may take up to two years
Getting a bank licence could take up to two years from the time the three entities planning to form banking and financial services group complete their merger, an independent report from Cameron Partners and Northington Partners said.
2 Nov 2010Equitable aiming for more non-guaranteed money
Equitable Mortgages has already raised $14 million through its latest prospectus and has now cut its interest rates to limit its funds inflow.
4 Nov 2010Receivers tighten noose around Hubbard's Southbury Group
Allan Hubbard's investment vehicle Southbury Group has been sent to the receivers in a bid to secure control of South Canterbury Finance by seizing the parent’s documents.
9 Nov 2010Investors flock to term deposits
Investors’ flight to safety has seen the popularity of term deposits approach record highs, according to the latest ASB Investor Confidence survey.
10 Nov 2010Debenture funding for property sector ‘dead’
The non-bank sector's exposure to property development is likely to remain "greatly reduced" and the model of retail funding for high risk exposure has proven to be unsustainable, according to the Reserve Bank's Financial Stability Report.
12 Nov 2010Bank disclosure down, non-bank disclosure up
Disclosure requirements for banks are likely to reduce significantly while non-bank deposit takers will have to prepare for formal disclosure requirements, the Reserve Bank says.
15 Nov 2010Rates Round Up: Banks nudge each other in short-term deposit rates
Competition in the short-term TD space is intensifying with banks following each other's moves and narrowing interest rate differences or taking lead in one of the terms.
16 Nov 2010Controlled demolition topples South Canterbury
A “controlled demolition” of Allan Hubbard and South Canterbury Finance (SCF) was arranged by the government on a timetable designed to create the least political damage, according to Hubbard’s biographer Virginia Green.
17 Nov 2010Early Marac voting running about 90% in favour of merger
Early voting on the 'heartland bank' merger proposal among Marac debt holders is running at about 90% in favour, says Craig Stephen, chief investment officer who will become treasurer of the new bank.
22 Nov 2010RaboDirect outs ASB’s 90-day leadership
The week past saw competition getting fierce in the short-term deposit space as rates got more attractive in the 90-day and six-month terms.
22 Nov 2010Rates Round Up:
Commission focussing in on Hanover; Bank disclosure review outcome
22 Nov 2010OPI Pacific debenture holders no clearer about payment
Debenture holders of OPI Pacific Finance are no clearer about what they will recoup from the failed finance company after the third report from receiver Colin McLoy of PricewaterhouseCoopers.
23 Nov 2010Challenges for Heartland bank down track
The proposed merger between Pyne Gould's Marac, the NZAX-listed Canterbury Building Society and Southern Cross Building Society looks to be a no-brainer decision for their respective investors but there will be further challenges after the merger.
24 Nov 2010Heartland bank proposal highlights NBDT challenges
The proposed “heartland bank” highlights the challenges the remaining non-bank deposit takers (NBDT) face following the collapse of more than 50 of them since 2006.
25 Nov 2010Heartland bank to be a niche player
The proposed “heartland bank” will become the biggest of the remaining 40 or so non-bank deposit taking (NBDT) institutions while it tries to achieve a banking licence.
26 Nov 2010For former accountant, crime adds up to 18 months
Former National Finance accountant John Gray has been sentenced to 18 months imprisonment after pleading guilty to charges of theft by a person in a special relationship at Auckland District Court.
26 Nov 2010Heartland bank a big tick closer
Shareholders of Pyne Gould have approved the proposal that will turn their finance company, Marac Finance, into 71% of a new, NZX-listed "heartland" bank.
26 Nov 2010Finance stars in Fisher & Paykel results
Fisher & Paykel Finance was the star of parent company Fisher & Paykel Appliances' first-half results, accounting for 73.6% of group operating earnings.
26 Nov 2010Fifth Hubbard report released
Grant Thornton's fifth Hubbard report has found tardy interest payments by Aorangi Securities' borrowers continues to slow progress for the statutory managers with a total of $5 million still outstanding.
26 Nov 2010Hanover calls in lawyers on Allied
Hanover Finance has called in the lawyers to pursue Allied Farmers over allegedly attempting to "evade various contractual obligations to Hanover."
29 Nov 2010Equitable euthanised
Equitable Mortgages became the first non-bank deposit taking company to collapse in to receivership during the extended guarantee period despite the company making efforts to restructure to meet increased regulations.

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