ANZ and ASB banks lost significant amounts of mortgage market share through the global financial crisis while the government's Kiwibank was the major gainer, the latest banking industry figures show.

Telecom's retail bondholders have overwhelmingly voted in favour of it spinning off its Chorus network business into a separate company.

The downgrades to New Zealand's credit rating by two of three major international ratings agencies could mean the Reserve Bank holds its official cash rate at current levels for longer but they could also affect banks' cost of borrowing.

The Reserve Bank's current 2.50% Official Cash Rate (OCR) may be close to the neutral rate at which it neither encourages nor hinders the economy from growing, says economist Rodney Dickens.

NZF Group has at last revealed its long-awaited equity partner is Australian non-bank mortgage lender Resimac.

NZF Group says it will write off its $5.1 million investment in NZF Money and will record a $10.7 million loss from discontinued operations in its accounts for the year ending March 2012 as a result of NZF Money going into receivership on July 22.

Much weaker than expected June quarter growth figures and continuing deterioration in the global outlook have definitely put paid to the chances of floating mortgage rates rising this year.

Telecom has decided to sweeten its offer to retail investors holding $541.7 million in NZX-listed bonds after objections from a group of brokers and fund managers.

NZF Money's $28.3 million loan book is likely to be materially impaired although it isn't possible to accurately forecast how much of the book can be recovered, say receivers Grant Graham and Brendon Gibson of KordaMentha.

Blue Star's managing director Chris Mitchell has resigned, a further blow to the company's bondholders who have been pinning their hopes for the company's return to profit on the strategy Mitchell put in place.

Floating mortgage rates are unlikely to rise this year after Reserve Bank governor Alan Bollard took his cue from deteriorating sentiment about the global economy and kept interest rates on hold today.

Floating mortgage rates are unlikely to rise this year after Reserve Bank governor Alan Bollard took his cue from deteriorating sentiment about the global economy and kept interest rates on hold, as expected.

Telecom is offering a decidedly inferior deal to retail investors holding its $541.7 million in NZX-listed bonds than it is giving institutional investors in its £275 million (NZ$530.2 million) bond issues.

Both the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA) have laid a swag of criminal charges against three people associated with Belgrave Finance which collapsed in May 2008 owing investors about $22 million.

Even as we continue to rush into floating rate mortgages, leading mortgage brokers still see a very prominent place for fixing.

Holders of Telecom's $541.7 million in listed bonds are being offered a one-off “consent fee” of 0.25% to vote in favour of the spin-off of its lines business Chorus into a separate company.