|
Between May 2006 and the end of 2012 there were sixty-seven finance company collapses in New Zealand; including companies entering into liquidation, receivership or moratoria. An inquiry by the New Zealand Parliament estimated losses at over $3 billion that affected between 150,000 and 200,000 depositors. The most high profile collapses were South Canterbury Finance, Hanover Finance and Bridgecorp Holdings. The collapse radically reduced the size and importance of the non-bank finance sector in New Zealand. According to the Reserve Bank, at the height of financial expansion prior to the 2007 crisis, non-bank lenders had assets of about $25 billion and made up 8 percent of lending by financial institutions. By late 2013 the size of the finance sector was half its previous size and accounted for only 3 percent of institutional lending. In the years following the beginning of the collapses, sweeping legislative and regulatory changes were made, aimed at improving oversight and regulation of the finance industry. ==Background and causes== New Zealand's economy became increasingly dominated by finance capitalism in the decades before the Great Recession. Finance companies grew rapidly in the years leading up to the 2007-8 financial crisis as property developers used finance firms to "fund requirements over and above their first mortgage from a major bank." According to a report by the Commerce Select Committee, "between December 2004 and June 2007 the deposits invested by households in finance companies rose from $5.1 billion to $7.1 billion, an increase of 39 percent."〔 This rapid rise meant the finance industry was growing at a faster rate than the banking sector, mainly funded by retail investors ("mum and dad investors") seeking higher-yielding investments than banks could offer. A Parliamentary inquiry into finance company failures identified four causes of the company collapses:〔 * Poor governance and management; * Criminal misconduct; * Deficiencies in disclosure, advice, and investors’ understanding; * Inadequate supervision. A 2014 mathematical survey of thirty-one New Zealand finance company failures in the period 2006 to 2009 by a group of academics found that "failed finance companies have lower capital adequacy, inferior asset quality, more loans falling due, higher earnings and lower cash flows. Furthermore, failed companies have a longer audit lag and some trustees appear to have a greater percentage of failed firms than others." 〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Finance company collapses, 2006-12 (New Zealand)」の詳細全文を読む スポンサード リンク
|