Goodman Wholesale Industrial Fund has launched just the second commercial mortgage-backed securitisation by any player in 2010, initially offering $250m in two tranches.
Most local and international banks are increasing their use of contractors, and pay rates are increasing again, but it’s not exactly a booming employment market for banking’s transient population.
The Reserve Bank of New Zealand and the Securities Commission today announced that the newly established NZCDC Settlement System has been declared a designated settlement system.
Throughout 2009 there was significant growth in the proportion of the major banks’ mortgage businesses. This is now predicted to come to a grinding halt. The next major area of focus ... [more]
The question of introducing covered bonds as an alternative source of funding for mortgage providers is now being discussed more widely, says Chris Dalton, the ASF's chief executive. [more]
The end of the government guarantee for bank funding has highlighted the gap between the Big Four banks and the “next four” in how they fund mortgages, says ING Direct’s chief financial officer. [more]
The increase in the value of household deposits recorded by financial institutions between September 2009 and January 2010.
NZ’s ‘Madoff’ undone by TV doco
A New Zealand investment banker who spent millions of stolen dollars on prostitutes has been jailed for six years.
Stephen Versalko was sentenced to prison for stealing nearly $NZ18 million over nine years from 2000, from his employer, ASB Bank, AFP reported.
“Two prostitutes received $NZ3.4 million from Versalko and much of the rest went on wine, property and making interest payments to clients to keep the scam running," Auckland District Court was told.
Prosecutor Patrick McCann called Versalko’s fraud – the biggest employee theft in New Zealand history – a classic “Ponzi” scheme, in which investors receive interest payments from their own capital or from newer investors… Versalko was exposed when one of the 30 wealthy victims of his fraud saw a television documentary on Wall Street Ponzi scheme operator Bernard Madoff and became suspicious.
During the police investigations Versalko said he had felt he was “Mr Invincible”.
The next stage of the business cycle is almost here: the RBA is closing in on its predetermined “normal” settings, while the fragile US and European economies continue to surprise on the upside. [more]
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Financial services organisations have for some years been offshoring and, to a lesser extent, outsourcing certain parts of their operations. These have ranged from customer contact centres and back offices
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