October 29, 2009

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Welcome to the latest depositrates.co.nz newsletter.

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All these and plenty more investment news stories at depositrates.co.nz

News
SCF repays US$50m to investors
Torchlight Credit Fund, part of Pyne Gould Corp.'s Perpetual Asset Management unit, has come to the aid of South Canterbury Finance by pulling together a group of investors to provide a $75 million funding line. More

Credit Union Baywide gets BB rating; ponders Govt guarantee
Credit Union Baywide has been granted a strong enough credit rating to apply for the government's extension to the retail deposit guarantee, but has yet to make a final decision on whether it will sign up to the scheme. More

New team at Viaduct Capital shake off past prospectus issues
Viaduct Capital, the finance company that was suspended by the government's deposit guarantee scheme earlier this year, has had a shake-up in its management team that has seen Bruce McKay and Richard Blackwood take over the reins. More

Deposit rate war moves to 12 month space
Eight companies boosted their 12-month rates as competition for deposits continues to run unabated by rising fixed mortgage rates. More

South Canterbury Finance will seek govt guarantee extension
South Canterbury Finance, will seek cover under the government's extended retail deposit guarantee after it released a new prospectus earlier this week. More

Regulations not a quick fix for Non Banks
Reserve Bank Governor Alan Bollard says that the forthcoming non-bank deposit taking prudential regulations will not be a quick fix for the industry. More