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  1. #771
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    Quote Originally Posted by Balance View Post
    Well, it's fairly clear RBNZ had concerns between 2013 -2016 but lacked the resources & experience to properly monitor and supervise CBL.

    https://www.stuff.co.nz/business/mon...on-cbl-failure

    "Trowbridge said the CBL failure was reminiscent of other insurance collapses, including Australia's HIH in 2001, because it involved "under-reserving" for future claims. Under-reserving is when an insurer does not set aside enough capital to ensure it can meet claims in the future. In the short-term that can boost growth as the company can offer lower premiums, but over time it results in an insurer going broke.

    Trowbridge said he was shocked at the level of under-reserving by CBL, which he described as "massive"."

    The promoters and lead brokers, UBS & Forsyth Barr, have brought yet another dud to the NZX like Forsyth Barr did with Wynyard & Feltex!
    ANOTHER example of yet another failing in our public institutions. (The report said RBNZ did spot the problem earlier but never moved then)). This one on top of Mines Department (Pike), MPI (Kiwifruit) , Polytechnicals ( Porirua) , and god only knows what buried bodies there might be in the Dept of Health. An unfortunate legacy of successive governments failures in multiple areas of simply what they are meant to be doing and in control of. Instead all they seem to want to do is make it impossible for the private sector to function through a raft of useless stalinesque ott new regualtions viz Compliance, meanwhile forgetting about the basics and just gathering up leave and Koru Club entitlements.

  2. #772
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    Quote Originally Posted by Balance View Post
    Well, it's fairly clear RBNZ had concerns between 2013 -2016 but lacked the resources & experience to properly monitor and supervise CBL.

    https://www.stuff.co.nz/business/mon...on-cbl-failure

    "Trowbridge said the CBL failure was reminiscent of other insurance collapses, including Australia's HIH in 2001, because it involved "under-reserving" for future claims. Under-reserving is when an insurer does not set aside enough capital to ensure it can meet claims in the future. In the short-term that can boost growth as the company can offer lower premiums, but over time it results in an insurer going broke.

    Trowbridge said he was shocked at the level of under-reserving by CBL, which he described as "massive"."

    The promoters and lead brokers, UBS & Forsyth Barr, have brought yet another dud to the NZX like Forsyth Barr did with Wynyard & Feltex!

    So I guess the real lesson to be learned here is DO NOT TOUCH ANYTHING THAT F B or UBS brings to the market, would this be correct ?

  3. #773
    Legend Balance's Avatar
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    Quote Originally Posted by whatsup View Post
    So I guess the real lesson to be learned here is DO NOT TOUCH ANYTHING THAT F B or UBS brings to the market, would this be correct ?
    https://creditsails.wordpress.com/20...dy-cigarettes/

    Excerpt : "Every investor who is a client of Forsyth Barr or has been a client should read the full report from the Commerce Commission, which says Forsyth Barr and Calyon, the French investment bank that created the notes, engaged in “deceptive and misleading” behaviour."

    Could you ever trust anyone or any firm like this with the sort of dastardly character as clearly evidenced in the above article?

    Forsyth Barr =

    Feltex,

    Credit Sails,

    South Canterbury Finance

    Wynyard,

    CBL,


    and as a bonus, try Evolve Education!
    Last edited by Balance; 04-07-2019 at 10:28 AM.

  4. #774
    Alley Cat Brain's Avatar
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    The name Forsyth Barr has such gravitas. It is a name that people think they can trust. It is probably their greatest asset. As long as their clients don’t look under the bonnet all is well.

  5. #775
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    Do not blame the Reserve Bank. Blame the management and directors

  6. #776
    Alley Cat Brain's Avatar
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    NBR Reports that

    “Shareholders of failed insurer CBL Corporation are being invited to sign up to a class action funded by ASX-listed IMF Bentham and
    led by Auckland law firm Glaister Ennor.”

    “In a press release, IMF said the claim would allege CBL breached disclosure requirements in the Financial Markets Conduct Act by failing to disclose information about its French insurance business in a timely and accurate way.

    Some positive developments I guess but I will not hold my breath. This will go on for years and years and years


  7. #777
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by Brain View Post
    NBR Reports that

    “Shareholders of failed insurer CBL Corporation are being invited to sign up to a class action funded by ASX-listed IMF Bentham and
    led by Auckland law firm Glaister Ennor.”

    “In a press release, IMF said the claim would allege CBL breached disclosure requirements in the Financial Markets Conduct Act by failing to disclose information about its French insurance business in a timely and accurate way.

    Some positive developments I guess but I will not hold my breath. This will go on for years and years and years

    Here is the herald article (no paywall):
    https://www.nzherald.co.nz/business/...ectid=12276317

    And here is the invitation to sign up:
    https://imf.com.au/cases/register/cb...ction-overview

    Still need to digest that myself ... but so far it looks like that shareholders have little to lose, unless they don't sign up.
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  8. #778
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    Assuming there's something/someone to pay up if the action succeeds.

    "If we're successful, we anticipate there will be insurance to pay any settlement or judgment," he says.

    "We don't know who the insurer is and we intend to take steps at an early stage" to find out."

  9. #779
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by macduffy View Post
    Assuming there's something/someone to pay up if the action succeeds.

    "If we're successful, we anticipate there will be insurance to pay any settlement or judgment," he says.

    "We don't know who the insurer is and we intend to take steps at an early stage" to find out."
    Absolutely - At this stage shareholders lost everything. They won't be worse off when signing up, but they might be better off.
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  10. #780
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    Quote Originally Posted by BlackPeter View Post
    Absolutely - At this stage shareholders lost everything. They won't be worse off when signing up, but they might be better off.
    Wonder if Forabr on behalf of clients will join in this party as members of the Class. Now that would be kind of ironic. But perhaps they quit before the SHTF. mmmm

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