Bernard Hickey details the key news over the weekend in 90 seconds at 9am in association with the BNZ, including news that South Canterbury Finance has issued restated accounts for the six months to December 31. It released unaudited accounts for the half year on March 1 showing a net loss of NZ$151 million, but the audited accounts show a loss of NZ$191 million. This is due mainly to a blowout in the estimates for bad debts to NZ$194 million from NZ$151 million. Equity has crashed to an estimate of NZ$55 million from NZ$94 million. Since the end of December South Canterbury Finance's owner Allan Hubbard has injected assets and cash into South Canterbury and it has received an extended government guarantee However, it still does not have a live prospectus in the market. Meanwhile, over the weekend European finance ministers have come up with a more specific rescue package for Greece, including 45 billion euros worth of loans at 5% rather than market rates of 7% plus. The Eurozone is contributing 30 billion euros and the IMF is lending 15 billion euros. This is a massive backdown for the Germans.
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