Ann: Market Update, page-3

This won't be the only non bank in NZ to go under. Depositors wanted their money back, the loan book to cafe, restaurants, equipment leases etc all not paying their leases as they are forced to close. Throw in exposure to the hotel property market which has fallen off the cliff.

Cant see depositors getting 20c in the dollar back...not good for anyone involved. TK Shim, Mel Stewart and Ian Bailey mismanged this business badly to their own benefit. No way the RBNZ was going to be there will assistance given their track record.