Christchurch

ANZ and National Banks have taken the lead in the deposit rate war, boosting their returns on terms for 12 months or more.

Wellington

Torchlight Credit Fund, part of Pyne Gould Corp.'s Perpetual Asset Management unit, has come to the aid of South Canterbury Finance by pulling together a group of investors to provide a $75 million funding line.

Chris Baker has joined Orakei based Ken Holmes Financial Services as an adviser specialising in investment and small to medium enterprises.

Auckland

The Official Cash Rate (OCR) remains unchanged at 2.5% this morning. Below is governor Alan Bollard's speech from the Reserve Bank press conference.

Reserve Bank Governor Alan Bollard kept the official cash rate unchanged at a record low 2.5%, as expected, and dropped wording in his statement that rates could fall further, stoking speculation borrowing costs will rise sooner as the economy recovers.

Southern Cross Medical Society is considering extending its product range to provide critical illness cover.

Wellington

Eight companies boosted their 12-month rates as competition for deposits continues to run unabated by rising fixed mortgage rates.

KiwiSaver membership reached almost 1.2 million people in its second year, a growth of 54%, according to figures released by the Inland Revenue Department (IRD).