December 11, 2008

Credit where credit’s due

Hi X

Two themes dominate this week's newsletter: Hanover and ING.

We tried something new this week and provided regular, live updates from the Hanover investors meeting so people who weren't able to attend could get a feel for what happened at the meeting. If you haven't read the commentary then click here.

Now the Hanover plan has been accepted the hard work starts for the firm. We provide some comment on that, the Shareholders Association and other things in the Blog.

The other deposit rate news this week was that Marac has added some PIEs to its range of funds. Details are here and we have included them in our comprehensive Cash PIE rate table which shows advertised rates, effective rates for 33% and 39% taxpayers, plus the table is sortable.

ING yesterday started talking about its credit funds. Good Returns has the most comprehensive coverage of what's happening, and includes comments from an interview with ING ceo Helen Troup.

ING births plan nine months after freeze
Nearly nine months after ING suspended redemptions in its two big credit funds it is now scrambling to put together a rescue plan, of sorts, and start communicating with investors and advisers about its plans. [More]

Two more ING funds closing
ING New Zealand is closing two other credit funds as well as seeking to wind up its bigger Diversified Yield Fund and Regular Income Fund. [More]

For all the news and rates visit www.depositrates.co.nz