Established in 1882 under an act of Parliament, GT today is a wholly owned subsidiary of Suncorp-Metway, a major Australian bank. It's mortgage portfolio is relatively small and managed in an extremely cautious way.
New lending stopped about three months ago. You will not find here any of the shonky loans and deals associated with Bridgecorp and Hanover.
Most loans are lent on a five year term and I expect as current loans mature, investors who want out will be paid.
It is a sorry state indeed when investors are so scared they will not put their funds into a firm of this quality and reputation.
5 comments:
Are there any homegrown houses left?
I'm not sure who owns Public Trust these days but you could consider SX Building Society and Southland Building Society as home grown and conservative.
I agree it's sad that the investors are so spooked.
Did you see Brian Gaynor's Herald column on Saturday tracing the problems back to the Treasury Dries and light-handed regulatory regime introduced in their heyday. So, time to rethink?
jafa, no I didn't but he'd be right. The problems of the eighties were largely a result of the same wild west anything goes regime. Hence the rise again of crooks like Petrecevic Bryers and co.
How does Cullen's "this'll blowover in a few months" statement look now?
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