Bernard Hickey details the key news over the weekend in 90 seconds at 9 am in association with Bank of New Zealand, including news from late on Friday night that Equitable Mortgages has been put into receivership owing NZ$190 million.
Treasury said NZ$178 million of that was covered by the extended government guarantee. See more here.
This was the last of the large government guaranteed property financiers to fall over in the wake of the collapse of South Canterbury Finance and Allied Nationwide. See all our Equitable Mortgages stories here.
Meanwhile, the Pike River Coal Mine has been wracked by more explosions and the coal seam is now reported to be on fire. The government is expected to announce a Royal Commission of Inquiry into the disaster later today, which would also look at the safety of underground coal mining. Mining is not expected to start again until after the completion of the inquiry. See more here from a Pike River coal announcement to the NZX this morning.
Meanwhile overseas, Ireland has formally agreed an 85 billion euro bailout and a series of austerity measures that triggered a protest march by more than 50,000 Irish voters.
The deal formalises the effective bailout of European banks and bond holders who lent to Ireland's banks. The Irish government guaranteed the banks with taxpayer funds and has now had to agree a bailout of its own finances after the hole in the banking system proved too large.
Meanwhile Spanish, Portugese and Belgian bond yields rose sharply on Friday night on fears the Irish crisis could not be contained and that the long term future of the euro is in doubt.
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