Wellington

The deepest recession in more than 30 years has failed to dent New Zealanders' appetite for KiwiSaver, according to the latest update by the tax department.

Economic reports show that wholesale interest rates have come back a little in the past week which should take some of the upward pressure off home loan rates. ASB continues to suggest the OCR will be cut next week while Westpac is recommending borrowers reduce their principle in the current low interest rate environment.

General Finance has reported an increase in the provisioning for bad loans in its finance company, but also an increase in the quality of its book.

The deepest recession in more than 30 years has failed to dent New Zealanders' appetite for KiwiSaver, according to the latest update by the tax department.

The threat of receivership hanging over embattled finance company St Laurence Ltd. probably won't spill over to St Laurence Property & Finance, according to Kevin Podmore, a director of both companies.

Auckland

Bank of New Zealand is being coy on whether it plans to start dealing with mortgage brokers again.

S&P dishes out investment grades to Genesis Energy bonds; Guardian Trust expects two more repayments to investors in mortgage fund; Bond prices on the rise as government note maturity floods market, ASB; Deposit war goes long as ANZ boosts three, four- and five-year terms.

Pyne Gould settles funds management deal; TOWER opens offices: Options portfolio hits five-year mark.

This week one industry problem pretty much came to an end, while another possibly got a new lease of life.

An increase in the amount that can be borrowed under the government-funded Welcome Home Loan mortgage insurance scheme has been approved.

AMP New Zealand’s operating earnings for the six months to June 30, fell 15% to A$23 million (or 9% in New Zealand dollar terms), largely due to higher surrenders resulting from the re-pricing of the term risk book in 2008, aggressive competition, and the weak New Zealand economy.