Rates Round up
Hanover loses chief executive; Competition heats up for three-month deposit rates; Bridgecorp's Fijian resort on the block; Propertyfinace Group suspended from exchange; Dorchester looks to break even; Five Star manager gets five year ban.
Sunday, June 28th 2009, 6:30AM
by Paul McBeth
Hanover boss goes
Hanover chief executive Peter Fedricson, who fronted the company's rescue plan to investors, has been head hunted by an Australian energy firm.
Fredricson, who previously was the chief financial officer (CFO) at Vector, is joining Australian energy firm APA Group as its CFO.
Hanover, reportedly, has no plans to replace Fredricson.
Competition on three month rates heats up
ASB and ABN AMRO boosted their three month deposit rates by 100 basis points or more this week, gazumping moves by WBS and Rabobank to lift their rates 30 points and 20 points respectively.
ASB boosted the term by 100 basis points, while ABN AMRO lifted the rate 215 points for $20,000 deposits, 160 points for $50,000 deposits, and 140 points for $100,000 deposits.
ABN AMRO also upped its rates in the six-month space, by 280 basis points, 180 points, and 160 points for the $20,000, $50,000, and $100,000 deposits respectively.
FinanceDirect cut its six-month rate 110 points and its 12-month term by 125 points, while lifting its 18-month rate by 25 points.
Bridgecorp's Fijian resort on the block
Bayleys Real Estate has been appointed to put Bridgecorp's partially-completed Momi Resort development up for auction next month.
The resort, which contributed to the downfall of the finance company, will be put on the block on July 22 with the majority of early purchasers taking their deposits.
There are still some 30 purchasers whose deposits are still in a trust account with Trustee Executors.
Propertyfinance suspended from stock exchange
The NZX suspended trading in Propertyfinance Group after the finance company failed to provide its full-year results by June 12.
Propertyfinance is holding a special meeting on Monday for secured debenture holders to choose between continuing with their wind-down or going into receivership.
Dorchester Pacific looks to break even by end of financial year
Dorchester Pacific chairman Barry Graham said the embattled finance company hopes to break even before the fair-value adjustment for the financial year to March 31, 2010.
Graham said the company will not undertake any new lending on property, but will continue limited new consumer lending under its covenants and subject to new policies.
The company is confident it can take advantage of the current market conditions and become a vehicle for wider consolidation of the industry.
Five Star manager gets five year ban
Former Five Star Finance manager Neill Allan Williams has been banned from directing or managing a company in New Zealand.
The Ministry of Economic Development made the banning order as Williams was involved in the management of failed finance companies Five Star Finance and Five Star Consumer Finance.
Williams was not a registered director of the companies, however, MED was satisfied that he operated as a de facto director of the Five Star Finance Companies.
Williams was unable to satisfy MED that the way in which he managed the affairs of the Five Star group companies was not at least partly a cause of the failure of those companies.
Paul is a staff writer for Good Returns based in Wellington.
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