ANZ National Bank has followed ASB and increased its short term home loan rates for both its banks.

If ASB had not kicked off mortgage rate increases yesterday, then the Reserve Bank would have started thinking in terms of boosting the Official Cash Rate (OCR) 0.5% in July simply to force the response it wants, says BNZ economist Tony Alexander.

Dorchester Finance says the Securities Commission’s tardy response to the offer documents for its restructuring are unhelpful.

South Canterbury Finance plans to trim its reliance on debentures and has no aspirations to be a bank.

Banks are in a stand off at the moment seeing who will blink first and raise their home loan rates.

Now that the Reserve Bank has started the hiking cycle, July and September Official Cash Rate (OCR) hikes are almost certain with late 2010 and early 2011 hikes dependant on global developments according to ANZ.

TNP has announced that Chris Coon, Derrick Abbott and Jonathon Cron will join the TNP board of directors.

The head of ANZ and National Bank's specialist broker distribution channel, Paul Munt is returning to Australia.