Rates round-up
Fitch has given the Hastings Building Society (HBS) a BB rating. It says the rating reflects HBS's solid niche in the small but relatively prosperous region of Hawke's Bay.
The ratings also take into account a generally conservative approach to lending and risk management, strong liquidity and adequate capitalisation. HBS funds itself entirely from retail sources with more than 50% in the form of redeemable share term deposits, and at-call savings deposits comprising the balance.
HBS lends primarily for residential mortgages and to SMEs in the Hastings/Napier region and is the country's fifth-largest building society with total assets of $187m at end-September 2008. It has provided retail and commercial banking services to the Hastings/Napier region since 1885.
Petricevic Porsche sold
The Porsche belonging to former Bridgecorp boss Rod Petricevic has been sold at auction for $150,000.
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