Rates Round Up

First Mascot Finance payment beats expectations
The first distribution to investors in Mascot Finance beat the receiver's forecast, with 55 cents in the dollar paid out.

In their previous report, Paul Munro and Brett Chambers of Deloitte estimated the first payment to be 50 cents in the dollar, but selling the failed company's buildings and recovering the full value of its gaming loan book, it paid back $35.8 million of the $65.2 million owed to some 2,500 investors.

That leaves 116 loans on the company's books at a net value of $33.7 million, with property loans the most problematic.

Mascot's investors were covered by the government's retail deposit guarantee, which pays out investors and takes on their liability.