Panel 1
Rates falling fast
OCR cut of 100 bps
OCR at 4% by mid 09
Variable mortgages at 6-7%
Panel 2
Fixed rates addiction
May be broken
Gap narrowing
Variable rates cut hard
In the last week
Panel 3
All banks cut variable
Down around 8%
Only just above fixed
Going short cheaper
Panel 4
Monetary policy power
Its coming back
Gap now 30-100 bps
Was 150 bps
Rapidly closing
Borrowers go short
Savers go long
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Hanover Press Conference Part Six
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Bernard Hickey interviewed on home afford-ability on TVNZ 1
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Wizard
Bernard Hickey Close Up November 20
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Panel 1
Wizard Home Loans Affordability index
Big improvement
68.2% of income
Down from 71.2%
Panel 2
Tax cuts, wages growth
NZ$20 extra a week
Lower interest rates
Cuts cost NZ$10 a week
Panel 3
Much better than 80%
But a way to go yet
Lower interest rates
Lower house prices
More tax cuts
Will help improve
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Panel 1
Fear of auto collapses
Ford, GM, Chrysler
Worrying credit markets
Banks exposed
Panel 2
May force writedowns
Bipartisan senate deal
Much uncertainty
Lame duck session
Panel 3
S&P 500 near record lows
Citigroup fell again
Fears about future
Fonterra payout cut due
Recession well into 2009
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Panel 1
Hanover restructure plan
Delayed repayment plan
Repay 100% over 5 years
NZ$553 mln invested
17,630 investors
Panel 2
Only capital, no interest
Needs property recovery
30% in first 3 years
Hanover to restart lending
Panel 3
Hanover says restructure
Better than receivership
Vote on December 9
Receivership offers 82c/$
Panel 4
Hanovers forecast includes
10c from new lending
Resumption of borrowing
Panel 5
The game is over
Run down the book
Retail debentures dead
Property speculation dead
Put in the receiver
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Hanover Press Conference Part Five
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Hanover Press Conference Part Four
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Hanover Press Conference Part Three
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