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Govt grants extended guarantee to Equitable Mortgages
Treasury has announced Equitable Mortgages Ltd, which has a BB credit rating from Standard and Poor's with a negative outlook, has received an extended government guarantee until the end of 2011. More detail on the terms of the extended guarantee are on the Treasury website here. Equitable is controlled by the Spencer Family.
The existing government deposit guarantee scheme is due to expire in October this year, but finance companies with BB credit ratings or better are eligible to apply for an extension until the end of next year. Equitable is only the second to be granted an extension after Marac Finance.
Standard and Poor's latest rating report on Equitable is available here.
8 Comments
If this firm is on
If this firm is on the lowest rating to get into the new scheme, but is on a negative watch, how prudent, within the rules of the deposit guarantee scheme, is it to grant them further coverage this far out from October?
If they are re-rated downward, does the continuation still apply?
Is Treasury working on a self fulfilling prophesy basis of grant them the scheme continuation and they won't be re-rated because they now have all of my taxpayer money to fall back on?
Do Treasury issue the criteria publicly by which they have allowed this continuation,, and will bureaucratic heads roll should this be shown to have been imprudent, and my money wasted on another unmandated government foible?
Mark, <blockquote> Do Treasury issue
Mark,
You mean you want some accountability?
But that might mean responsibility could be passed up the hierarchy. I expect the record of who was involved in the process has already been shredded.
Haaaaaaaaaaarhahaha...Treasury too frightened to pull
Haaaaaaaaaaarhahaha...Treasury too frightened to pull the bailout plug because they will have to bailout the failure guaranteed to happen before October this year.....What a friggin joke.
You awake to this Bill...BILL....bugger's asleep!
This'll have mark spitting beaurocrats at the pollies!
Dam...why can't I get the
Dam...why can't I get the edit to work with sys 7. My old dunga computer and XP did the job...so much for progress.
I'm on sys 7 too
I'm on sys 7 too Wally and find the edit is hit and miss with it ..... You are not alone..........
I started out on Dos
I started out on Dos and Dosshell...
Vista I scrapped , have 1 machine on XP duel boots with ubuntu and win 7
Xp you still get far more for your money and none of the pretty stuff
Get you XP disc and load xp on the new machine.
Insurance is a form of
Insurance is a form of contract whereby periodic payments (also known as insurance premiums) are made to an insurance company, in order to provide an individual or business compensation in the event of property loss or damage. My bad if this is too offtopic.
There are numerous insurance providers
There are numerous insurance providers that designs and markets insurance services for individuals, families, groups and businesses worldwide. Now, there are also online insurance facilities that help a person to select insurance just by clicking. After fulfilling the basic requirements of the insurance company, person is eligible for it.