Offers for readers

The comment stream

Recent comments

Join the Interest community to be a registered commenter so you can:
- Edit your comments
- Avoid the CAPTCHA
- Vote on comments
Register Here

Already registered? log back in here ..

Forgotten your password? No problem! Click here

Finance sector jobs

Corporate Recovery Senior – Australia, Audit experience welcomed
Successful applicants will have the opportunity to work with this leading Australian Advis...more
Australia
Transaction Services Assistant Manager/ Manager – Melbourne
Think Global Recruitment is working with this exceptionally respected Australian Boutique ...more
Australia
Audit Senior - Australia
Sought after opportunity to move to one of the most beautiful westernised countries in the...more
Australia
Research & Master Trust Relationship Manager
Strategic and Senior Appointment...more
Australia
efinancialcareers.com

Reader poll

Who do you think should be appointed Reserve Bank Governor to replace Alan Bollard when he retires in September?

Choices

PGC to underwrite NZ$25 mln of bad loans at Marac

Posted in News

Finance company Marac Finance said its parent, Pyne Gould Corporation (PGC), would underwrite NZ$25 million worth of bad loans held by Marac because of "extraordinary market conditions."

"The property market has continued to deteriorate further with added uncertainty as to outcomes," Marac said.

"The PGC Board met yesterday and decided it was prudent to utilise the underwrite to NZ$25 million, for impaired property loans, at 31 December. This is a conservative approach at this time, but one which the Directors consider justified given the extraordinary market conditions," Marac said.

* This article was first published on Friday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.

 

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment in the box on the right or click on the "'Register" link at the bottom of the comments. Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making these comments.