News round-up

ANZ's bill for ING funds revealed; Moodys has negative outlook for structured credit; TNP and Adviser Link form alliance

Monday, March 9th 2009, 5:23AM

ANZ to pay out ING investors
ANZ National bank estimates it will have to pay out around $161 million for its share of the payout to investors in ING’s frozen credit funds.

ANZ is a 49% shareholder in a joint venture with ING, which managed the funds. The charge of $161 million ($113 million after tax) is revealed in its general disclosure statement.

The ultimate cost to the bank will depend on the final values of the units, recoveries under insurance cover and approval of the offer by unitholders. It acknowledges that the Commerce Commission has sought information on how the ING Diversified Yield Fund and Regular Income fund were sold.

“At this stage it is not possible to determine the outcome of any investigation,” ANZ National says in its general disclosure statement.

Asia Pacific Outlooks published by Moody’s
The latest outlook for key asset classes in the Asia/Pacific structured finance market has been published by Moody’s Investors Service.

The 2009 Outlooks for Asia/Pacific (including Japan) Structured Finance report says the outlook for asset/collateral performance for most asset classes in Asia is negative, and stable for some (namely in Japan and Korea).

The rating implications for most classes are generally stable, although in various cases, volatility and downward pressure are anticipated.

In Australia, the asset performance outlook for ABS and CMBS, as well as prime and non-conforming RMBS, is negative.

TNP and Adviser Link form alliance
The National Partnership has announced a strategic alliance with Adviser Link, to help ready its advisers for compliance with the new rules currently proposed.

Adviser Link will be working with the advisers attached to the National Partnership, conducting a GAP Analysis with them to identify what it is they need to do by way of education to comply with the changes and will be organising workshops with advisers around New Zealand.

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