Originally Posted by
Snoopy
Yes I am talking about the current arrangement.
Yes the new rules will negate the 'no more than 33% of business outside of NZ' restriction, as well as removing oversight by RBNZ of the Australian assets.
But the current level of Reverse Mortgage business in Australia represents only 9.5% of total Heartland receivables, plus an unspecified, but small, amount of business lending 'on line'. It is way below 33% in total. I would guess well under half. So there is no need to make this change. The only thing the change will achieve in the short term is to remove the oversight of the Reserve Bank of NZ, a protection for shareholders. Why would you as a shareholder vote to remove the Reserve Bank of NZ oversight, when there is no short or medium term need to do so?
SNOOPY