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South Canterbury Finance Bail Out – It could be a good thing in the end!

Posted on September 1, 2010 by swiggs

Watching John Key & co deal with South Canterbury Finance yesterday was exciting.
The Prime Minister and the Minister of Finance forked out $1.6 billion under the Crown Retail Deposit Guarantee Scheme. Good move. The NZ government are admitting liability and paying out depositors who trusted government regulators would protect them.
Regulatory responsibility has been a series of ticking bombs from Lange to Key. The PM teams of those governments have lacked a duty of care with simple rules like loan to equity and securitization ratios. I warn them they never listen. And no matter how many political doors I have banged on without result is exactly why we need fiduciary law. In one hit it keeps bankers/advisors/lawyers/ politicians/judges honest to a jury.
After all they all say to the public, “trust me” and we trust them and hand over power they wouldn’t have if we didn’t trust them.
We need “fiduciary law”. NZ will only continue these destructive false highs caused by ponzi speculators who play with your money and ruin our country.
It’s cruel leaving depositors being eating by hungry lawyers chasing crooks in suits who are using stolen money to defend themselves….etc. It was not the investors fault.
Could South Canterbury Finance (SCF) investors use their NZ$1.6 billion of immediate cash repayments from the government to invest in property?
Where will this cash injection from the Government to the people go?
The recent rescue of SCF investors by the Government may provide a much-needed catalyst for the property market.
With the demise of SCF, investors soon to be repaid by the Government will face a new dilemma. Where should they put their money now? Is their money safer in the bank? Or will they inject it directly into property?
No doubt both sectors will be waiting for these decisions with bated breath. If the banks have a cash injection from investors that could loosen the mortgage reins, with positive flow on effects to the property market. If investors put it straight into property, it may kick start the building, the buying and the selling.
Either way, the Government’s rescue package may be the catalyst that Spring has not yet provided for the country’s property market.
Interesting times await.
Read my next blog post that tells why the property market on its own back is not going to pick up this spring!

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