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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.


Monday, 31 May 2010

Allied Farmers further writes down Hanover book
Allied Farmers has written down the value of the Hanover loan books by a further $33.6 million to $51.5 million, with a third of the assets still waiting for revaluation.

That leaves the net value of the Hanover books at about $124 million, down from $175.5 million in the December financial statements. Since writing down the loan books' value at the end of last year, Allied clawed back some $3.4 million from property sales near Queenstown and New South Wales.

Forsyth Barr division gets BB rating from Fitch
Forsyth Barr Cash Management, an investment advisory and funds management division of broker Forsyth Barr, has been rated BB by Fitch Ratings with a stable outlook.

The ratings agency said the Forsyth Barr division has a "consistently sound" financial performance, and the low risk nature of its activities meant it was unlikely to need material support if it ever got into difficulty.

The company was required to get a credit rating to comply with the Reserve Bank's prudential requirements for non-bank deposit takers.

Wairarapa Building Society getso govt guarantee
The Wairarapa Building Society has been approved entry to the government's extended retail deposit guarantee scheme, becoming the sixth financial institution to tap the crown for shelter.

The other non-bank deposit takers that have already been approved are Marac, Equitable, South Canterbury Finance, PGG Wrightson Finance and F&P Finance.

Fairfax to delist redeemable preference shares
Fairfax New Zealand Finance has told investors it will exercise its call option on $186 million worth of redeemable preference shares by June 15.

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