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
PGW Guidance Update
CNU - Commerce Commission releases draft expenditure decision
Spark announces departure of Product Director
TGG - T&G appoints new Director
April 18th Morning Report
SKC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER
Devon Funds Morning Note - 17 April 2024
Consultation opens on a digital currency for New Zealand
TWL - TradeWindow's $2.2 million capital raise now unconditional
April 17th Morning Report