Tuesday 22nd July 2008
|Text too small?|
"If the level of withdrawal requests had continued, then our cash reserves would soon be insufficient," trust spokesman Don McBeath said in a statement.
The NZ$250 million fund still plans to make its quarterly interest payment due on October 1, though "it is likely the return will be less than we have previously been able to pay."
Canterbury Mortgage, started nine years ago, typically holds cash equivalent to 5% to 10% of the value of the fund, with most of its investors' money in about 300 mainly short-term loans secured by first mortgages.
The failure of high-profile finance companies had eroded confidence in the sector and probably contributed to the increase in withdrawal requests, the company said.
No comments yet
Contact Energy Limited (NZX: CEN) Considers Green Capital Bond Offer
Tourism Holdings Limited (NZX: THL) Sells Mighway and SHAREaCAMPER to Camplify
26th October 2021 Morning Report
Harmoney Corp Limited (NZX: HMY) Prices $105m Inaugural ABS Transaction
New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report