Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news that South Canterbury Finance's receivers have released their first report.
The receivers say it's too early to say how much of the NZ$1.6 billion paid out by taxpayers to depositers will be recovered, but it noted NZ$446 million of provisions for bad debts uncovered in the accounts. See more here in Alex Tarrant's article.
Meanwhile, the Reserve Bank has released papers showing it was concerned about South Canterbury Finance as early as April 1 last year when it noted related party deals that were potential breaches of the trust deed required for the Government guarantee. See more here in Gareth Vaughan's report.
Elsewhere, US mortgage insurer Ambac Financial filed for bankruptcy overnight as the fallout from the US housing collapse and credit crunch rumble through the system.
Two years on from the worst of the Global Financial Crisis, central banks are still scrambling to boost economies and avoid more financial fallout.
An intense period of action is due from central banks.
The Reserve Bank of Australia may hike its official rate around the time of the running of the Melbourne Cup later today. The US Federal Reserve will announce its plans for a second round of money printing early on Thursday morning.
That is then expected to trigger responses of some sort or another over the following 33 hours from the Bank of England, the European Central Bank and the Bank of Japan.
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