90 seconds at 9am: Hanover revelations; Chinese loan crackdown; Icelandic rejection

Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including revelations in the Sunday Star Times over the weekend about Mark Hotchin's deals with property developers in the final weeks before Hanover Finance's loan book was handed over to Allied Farmers. Hotchin has confirmed personal guarantees over loans were forgiven in the final weeks. Allied Farmers is furious over what it says is Hotchin 'helping his mates escape a sinking ship'.  Those developers were now 'smiling like cats' says Allied MD Rob Alloway. Meanwhile, Icelandic voters have rejected a plan for them to repay the debts of an Icelandic bank that borrowed from Dutch and British savers. The deal would have lumbered Icelandic voters with repayments of US$135/month each for 8 years. Now the Icelandic govt must renegotiate the deal It raises questions about where the buck stops in a world of globalised banks and sovereign bailouts. Will voters pay when the music stops? Meanwhile, China plans to nullify guarantees given by local governments for lending, which will help slow down lending growth. Watch on our video page here Watch on YouTube here