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BNZ pulls off a PR coup

By Nick Stride

Friday 17th September 2004

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Bank of New Zealand this week bowed to pressure from the New Zealand Exchange and picked up the tab for the Access brokerage collapse.

Media reports portrayed the bank as a "saviour" and a "white knight," turning a blow for its shareholders into a public relations coup.

The maximum extent of its loss will be $4.3 million as the NZX is chipping in its $460,000 fidelity fund.

The bank said it had no legal obligation to recompense Access' out-of-pocket clients, but accepted there was a perception they had funds in their own names in a BNZ account.

The report of the receiver, Ferrier Hodgson, showed family trusts associated with director Bill Garlick owe Access $638,000.

Garlick last week denied he had borrowed money from the brokerage to fund the purchase in February of a 20% shareholding from former director Murray Bolton.

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