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News Archive - September 2009

1 Sep 2009Marac still has bank aspirations
Marac Finance is undeterred in its goal of becoming New Zealand's only publicly listed bank and asset manager now it has divested itself of risky property impairments and remained profitable.
1 Sep 2009Frozen ING funds cost ANZ National more than expected
The frozen ING New Zealand funds have cost the country’s largest bank more than it previously anticipated following the $400 million settlement announced in August.
2 Sep 2009Bank account ‘for life' suggested
Kiwibank chief executive Sam Knowles says bank customers be given accounts "for life" to make it easier to change providers.
7 Sep 2009Dorchester's four steps to survival
Dorchester has outlined four steps it needs to take to survive and one of those is a settlement with its debenture holders.
8 Sep 2009Finance company enquiry not about redress: Dalziel
The Parliamentary inquiry into finance company collapses will not be an avenue of redress for investors in failed ventures, rather it will focus on the issues facing investors to ensure they are well-informed.
9 Sep 2009Another credit union gets S&P rating
Standard & Poor's has assigned a BB rating for Hamilton-based First Credit Union, keeping the not-for-profit financial institution eligible for the government's extended retail deposit guarantee scheme.
9 Sep 2009Extended deposit guarantee scheme law passed
The Government has passed legislation extending the Retail Deposit Guarantee Scheme and changing some of its terms and conditions.
10 Sep 2009Bank deposit costs soar above wholesale funding, RBNZ says
Deposit funding costs have soared above the price of wholesale funds as banks look for more secure sources of funding following the credit crunch last year, according to the Reserve Bank.
15 Sep 2009PSIS launches new PIE fund
PSIS has launched its first PIE fund as competition for deposit funding remains tight.
15 Sep 2009S&P checks Equitable's ratings
Credit rating agency Standard & Poor's expects Equitable Mortgages will meet the central bank's capital requirement when it finally announces its prudential regime for non-bank deposit takers, and has reaffirmed the finance company's BB rating.
16 Sep 2009South Canterbury ceases debenture allotments
South Canterbury Finance, the finance company owned by Allan Hubbard, halted allotments under its debenture programme and plans to issue a new prospectus pending its capital review and the extension of the Deposit Guarantee Scheme.
16 Sep 2009OPI (aka MFS) finally succumbs to receiver
OPI Pacific Finance, formerly MFS Pacific Finance, has been dealt the death blow. After 16 months sitting on moratorium row, the receivers have finally been called in.
18 Sep 2009Time to sell good quality corporate bonds
Investors looking to exit their good quality corporate bond issues should consider doing so now, as prices are good.
21 Sep 2009SCF placed on CreditWatch negative
South Canterbury Finance (SCF) has been placed on CreditWatch negative by Standard & Poor's (S&P).
21 Sep 2009Fidelity dumps ING as fixed interest manager
Fidelity has replaced ING as one of its fixed interest managers and instead given the $34 million mandate to Grosvenor Financial Services.
22 Sep 2009RBNZ will decide results of TD war
Central bank liquidity requirements will probably have the last say in the deposit rate war as the cost of wholesale funds begins to ease, according to the chief executive of New Zealand's largest bank.
23 Sep 2009Marac admits errors, and says not again
Marac's parent company, Pyne Gould Corporation (PGC) has announced that it plans to raise $237million through a fully underwritten pro-rata renounceable Rights Offer.
24 Sep 2009Banks deposits and managed funds win over fin coys
More than half of New Zealanders are not confident their money would be safe with a finance company, according to the new RaboPlus Financial Confidence Index, which reveals that confidence in the sector has been badly battered.
24 Sep 2009Moratoria slow-death for finance companies rather than quick: Diplock
Securities Commission chairman Jane Diplock has lamented investors' unwillingness to cut their losses and walk away from failed ventures, resulting in a number of finance companies going into moratorium when receivership would have been a better option.
25 Sep 2009ANZ to mop up the rest of ING
ANZ has moved to acquire the 49% of ING in Australia and New Zealand that it doesn't already own for A$1.76 billion.
25 Sep 2009Avanti Finance gets rating from S&P
Finance company Avanti Finance has been given a BB- rating by Standard & Poor's, and a negative outlook.
29 Sep 2009Credit Union Auckland seeks credit rating to protect reputation
Credit Union Auckland will seek a credit rating to protect its reputation, despite falling outside the criteria for the central bank's non-bank deposit takers' prudential regime.
30 Sep 2009Meridian’s bond issue won’t dent demand for high-grade corporate debt
A new retail bond issue from state-owned Meridian Energy is unlikely to dent demand for high-grade corporate bonds, which remains strong in the face of historically low interest rates.

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