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  • Hanover Finance stops repayments

    http://msn.nzherald.co.nz/section/3/...523117&ref=rss
    Jo Birch
    Looking for someone to manage your next project or event? Then call now!
    +61 450 148 678

  • #2
    I have been listening to this news on the radio today.

    It seems to be being spun as a move to stop investors fleeing and ruining an otherwise fine company.

    As someone put it this afternoon, "we don't want a situation where someone yells "fire", everyone runs to leave the building and someone gets killed". (Not an exact quote, but close I think.)

    So it seems they are locking the doors instead. Hopefully everyone trapped inside doesn't die of smoke inhalation.

    Paul.

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    • #3
      I'm sure it was only last night that I saw one of their ads on TV...
      Jo Birch
      Looking for someone to manage your next project or event? Then call now!
      +61 450 148 678

      Comment


      • #4
        Eric Watson and Mark Hotchin paid themselves $41 million either this year or last . The company obviously couldn't afford to pay them that, so why did they do it? I hope they are forced to put it back into the company. I think the government should be stepping in here urgently, because mum and dad investors have clearly been ripped off, and it is going to cripple NZ's economy.

        Funny thing is that Bernard Hickey of interest.co.nz spoke on TVNZs business program, telling us that Hanover were one of the quality finance companies.

        Now I wonder if banks will be next to lock in funds. ANZ bank looks a little dodgy, according to newspaper reports. Some of these PIE systems could be next. ING which manages some of them for banks, has had to lock down some in the past.

        Should we begin taking out our money from banks to lock in safes in our homes? It looks like very shakey times ahead.

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        • #5
          Tui Ad

          Hanover Finance - Protect deposits whatever the economic "weather"... Yeah right.

          Comment


          • #6
            Originally posted by robbyp. View Post
            Funny thing is that Bernard Hickey of interest.co.nz spoke on TVNZs business program, telling us that Hanover were one of the quality finance companies.
            When did he make this claim?

            In an article of his in the Herald on 6th July, Hickey argued that Hanover had none of the 5 "survivability factors" he identified.

            In other words, they were guaranteed not to survive.

            See the article here.

            Paul.

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            • #7
              Originally posted by SuperDad View Post
              When did he make this claim?

              In an article of his in the Herald on 6th July, Hickey argued that Hanover had none of the 5 "survivability factors" he identified.

              In other words, they were guaranteed not to survive.

              See the article here.

              Paul.
              It was a good year ago at least, but I certainly remember him saying it. I might have a backup of the podcast of the story in itune, although I think I have probably deleted it now.

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              • #8
                Originally posted by robbyp. View Post
                It was a good year ago at least, but I certainly remember him saying it. I might have a backup of the podcast of the story in itune, although I think I have probably deleted it now.
                It probably was in good shape a year ago (on the surface). Save the witch-hunt and focus on the reasons for Hanover's grief: access to very little credit that costs more; a business model dependent on property development; and a swag of investors who are spooked by what's happening.

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                • #9
                  Hanover

                  Allover....

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                  • #10
                    Originally posted by Commercial Dan View Post
                    Allover....
                    Yay! CD hasn't come back with "There's more of this to come".

                    It must be "Allover..." at last.

                    cube
                    DFTBA

                    Comment


                    • #11
                      Wipe the egg off your face, I have been right so far and the likes of you have been wrong! ha

                      Comment


                      • #12
                        Funds

                        Now I wonder if banks will be next to lock in funds. ANZ bank looks a little dodgy, according to newspaper reports. Some of these PIE systems could be next. ING which manages some of them for banks, has had to lock down some in the past.
                        Robbyp....the PIE systems are no different to other investments in what the underlying investments are...its a different tax structure so you're barking up the wrong tree there. ING was invested in some sub prime lending IN SOME FUNDS so did close or stop some of those ones, but definitely nothing wrong with ING.
                        Last edited by Perry; 24-07-2008, 01:11 PM. Reason: fixed quoted text

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                        • #13
                          Agree, don't get sucked in, have a mix of quality property, cash in safe banks like Kiwibank or Rabo, and buy some gold/silver.

                          Comment


                          • #14
                            Hi Dan,

                            I have some money in RaboPlus and would be interested to know what factors you think make them and KiwiBank safer? I know Rabo have a good credit rating but I believe that they did get hit by the sub prime crisis in Europe. The local RaboPlus website says that they have been servicing the NZ rural sector for the last 10 years, which I guess is better than financing property developers(!). The Govt is unlikely to let Kiwibank crash. Anything else?
                            You can find me at: Energise Web Design

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                            • #15
                              Originally posted by drelly View Post
                              Hi Dan,

                              I have some money in RaboPlus and would be interested to know what factors you think make them and KiwiBank safer? I know Rabo have a good credit rating but I believe that they did get hit by the sub prime crisis in Europe. The local RaboPlus website says that they have been servicing the NZ rural sector for the last 10 years, which I guess is better than financing property developers(!). The Govt is unlikely to let Kiwibank crash. Anything else?
                              Not sure, Kiwibank would have to be the ultimate in safety though, the govt would bail it out.

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