[Weekly Wrap] ING coughs up $400 million

Yesterday Good Returns reported that ING had paid nearly $400 million to investors in its Diversified Yield and Regular Income Funds - bringing some closure to what has been an intensely emotional issue. Whether there is more to go on it or not is something which rests with the Commerce Commission and its investigation into how the funds were sold.

Meanwhile, the finance company issues got a new head of steam this week. We have had a couple of developments. One is news yesterday that Parliament's Commerce Select Committee is going to hold an enquiry into what happened. We have a story, plus the full release from the committee here along with some reaction.

In other finance company news we have a follow up to the downgrading of ratings for Marac and South Canterbury Finance. The story we ran yesterday has since been updated.

Marac have issued a new prospectus and rates which you can see here.