Australian guarantee does not extend to their finance companies. Only to banks, building societies and credit unions directly supervised.
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That's right. But it's the NZ situation that we're concerned with here and failure to guarantee NZ finance companies would have seen a fatal drain of funds away from finance companies to the guaranteed banks.
By the way, I think it was Michael Cullen and Helen Clark in the hot seat at the time, not JK and BE.
;)
IMHO without Hudd---- to support SCF I think that there is a good chance that it would fail.
What I cannot understand is how Hubb is financing his support. Is it by another third party transaction
Any related party lending like Bridgecorp and Hangover?
SCF should be makinmg heaps ...... on their website 'Personal Loans from 14.5% pa'
..... with top depoist rates of 8.50% ..... for a 60 month secured debenture