[BLOG] South Canterbury Finance’s demise, and this may seem odd, was a little bit of a surprise. Sure there were the regular commentary crowd baying for a receivership. They are a bit like the peasants in the old days wanting to see people hung, drawn and quartered, a beheading or simply someone being thrown to the tigers. Well they got their head this time.

Strategic Finance, placed in receivership in March and liquidation in July, has a book value deficit of $195.5 million, according to the first report from the liquidators.

South Canterbury Finance was not as big a favourite among advisers as it had been in the past, though the government’s quick action to pay-out all debt holders will help quell too much uncertainty.

ANZ National sheds deposits in June quarter while Westpac adds to its book; Blue Star hopes to get bond interest payments up and running; NBDT regs push Fletcher Building out of market; Manukau City put up another retail bond; Dorchester looks to boost directors' fees, CEO pay.

The Reserve Bank will pause in raising interest rates until March 2011 given near term growth risks and distant inflationary pressures according to the New Zealand Institute of Economic Research (NZIER).

The Government is taking steps to swiftly repay investors, reduce the cost to taxpayers and ensure minimal disruption to the wider economy following the receivership of South Canterbury Finance, Finance Minister Bill English says.

First NZ Capital (FNZC) Investment Management has appointed Mark Brown as its head of fixed income.

South Canterbury Finance announced today that it has been unable to complete a recapitalisation and restructure.

Wellington

Lisa Winkle has been appointed managing principal ASB Securities after heading Operations and Technology at ASB Securities for the past seven years.