The proposed “heartland bank” will become the biggest of the remaining 40 or so non-bank deposit taking (NBDT) institutions while it tries to achieve a banking licence.

The proposed “heartland bank” highlights the challenges the remaining non-bank deposit takers (NBDT) face following the collapse of more than 50 of them since 2006.

The proposed merger between Pyne Gould's Marac, the NZAX-listed Canterbury Building Society and Southern Cross Building Society looks to be a no-brainer decision for their respective investors but there will be further challenges after the merger.

ASB Bank's mortgage book shrank for the second successive quarter in the three months ended September but its profitability surged as charges for bad loans disappeared.

Early voting on the 'heartland bank' merger proposal among Marac debt holders is running at about 90% in favour, says Craig Stephen, chief investment officer who will become treasurer of the new bank.

Equitable Mortgages has already raised $14 million through its latest prospectus and has now cut its interest rates to limit its funds inflow.

Sub-prime specialist lender Bluestone has lost its bid to either have Commerce Commission proceedings against it over a fee it charged thrown out of court or to gain a summary judgment against the commission.

Floating mortgage rates are unlikely to rise for several months after Reserve Bank governor Alan Bollard confirmed market expectations by leaving interest rates unchanged.

A stuttering economic recovery and strong New Zealand dollar will mean Reserve Bank governor Alan Bollard leaves interest rates unchanged, economists says.

It's probably no coincidence there's a rush of corporate debt issues hitting the market just as South Canterbury Finance (SCF) investors are about to receive their cheques.

Eftpos company Smartpay is considering issuing preference shares, managing director Ian Bailey confirms.

Growth in mortgage lending by registered banks is shrinking dramatically and looks like it will go even lower than in the depths of the global financial crisis (GFC).

On the face of it, investors are still offering to buy Silver Fern Farms' five-year bonds at a premium, even though the meat processor and exporter will redeem them a month early in November.

Barclays Bank and Perpetual Trust have decided to wind up its listed Celsius New Zealand Income Fund Series 1 more than two years early, citing a decline in international dividend payment rates.

New Zealand banks can't lift their retail deposits much further despite offering significantly higher interest rates, according to Westpac chief economist Brendan O'Donovan and senior economist Dominick Stephens.

Electricity generator and retailer TrustPower's up to $100 million senior bond offer provides investors with the opportunity to lock in a relatively high interest rate for seven years in an environment in which longer-term interest rates have been falling steadily.