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PGG Wrightson Finance Applies For Scheme Extension

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, March 1 NZPA - PGG Wrightson Finance said it has lodged an application to join the Crown's extended retail deposit guarantee scheme.

The finance company received a BB rating from Standard & Poor's last month. Finance companies must have a BB rating or above to be eligible for the extension of the scheme.

After accounting adjustments and an increase of $3.1 million in provisions for impaired assets, profit after tax for the six months to December 31 was $3.3m compared to $4.7m in the previous corresponding period.

All finance companies are required to have a credit rating by March 1 under new Reserve Bank of new Zealand non-bank deposit taking regulations.

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