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22-08-2018, 10:48 PM
#11161
Originally Posted by percy
Thanks JT,but annuities, funds management, insurance, and assurance are beyond my limited level of competence.
Does this mean you didn't invest in CBL Insurance!!??!!
I have a theory that annuities, funds management, insurance, and assurance are beyond everybody's level of competence Percy. The rider here being that those who actually work and invest in those industries haven't yet figured this out for themselves yet.....
SNOOPY
Last edited by Snoopy; 22-08-2018 at 10:50 PM.
Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7
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23-08-2018, 07:29 AM
#11162
Totally agree.
Yes I avoided CBL Insurance.
A good few years ago I read a brilliant book on The History of Lloyds of London.
Their business model was a disaster.
Unlimited liability ruined a great number of "names", because none of the Lloyds brokers understood the risks their syndicates were exposed to.
Re-insurance was just a money go round.
I try to invest in simple things I can understand.
Last edited by percy; 23-08-2018 at 07:33 AM.
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23-08-2018, 10:41 AM
#11163
Originally Posted by percy
It is obvious to all the apples have not worked.
"The ranks" need urgent attention.Your health has now degenerated to an extremely dangerous level.
Forget gold,get used to green...……………..Increase dosage to 4 before breakfast.
Gold may be used only at lunch time, and after dinner.
Use apples only for morning and afternoon tea,in moderation.
Off topic - I am okay but I admit is has been an extremely grueling winter. Worst flu in at least a decade that still isn't completely right 7 weeks into it. Extra work pressure has also been very tough. Coming out of the very high pressure situation now and looking forward to a holiday soon.
Really sad to hear the news of Greg Boyed, a timely reminder we all need to look after ourselves !
https://www.msn.com/en-nz/news/natio...cid=spartandhp
Doubt I will bother reading the scheme of arrangement, my modest stake no matter which way I vote won't make any difference to the outcome.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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23-08-2018, 10:48 AM
#11164
Me too percy, was thinking of reverse mortgage annuities as the connection, CGF are a huge player in aus but cover a lot more as well.it was the only vaguely similar one i currently am aware of but too dissimilar to compare.
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23-08-2018, 10:55 AM
#11165
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23-08-2018, 11:33 AM
#11166
Originally Posted by Beagle
Off topic - I am okay but I admit is has been an extremely grueling winter. Worst flu in at least a decade that still isn't completely right 7 weeks into it. Extra work pressure has also been very tough. Coming out of the very high pressure situation now and looking forward to a holiday soon.
Really sad to hear the news of Greg Boyed, a timely reminder we all need to look after ourselves !
https://www.msn.com/en-nz/news/natio...cid=spartandhp
Doubt I will bother reading the scheme of arrangement, my modest stake no matter which way I vote won't make any difference to the outcome.
Take care.
I believe it takes a long time to fully recover.
You think you are right,and it comes back and hits you again.
ps.I am going to give the Scheme Booklet a go,it is just finding the time.
Last edited by percy; 23-08-2018 at 11:35 AM.
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23-08-2018, 02:32 PM
#11167
Originally Posted by Snoopy
Percy's 'thought' looks like it has been adopted by the RBNZ as a policy in stone.
Look on the bottom line of Table 8, p23, of the Independent Analysis of the Heartland restructuring proposal. There you will find a Reserve Bank NZ restriction I have never heard of before: There is an undisclosed maximum amount of business that Heartland Bank is allowed to do outside of New Zealand. Yet for reasons unknown, Heartland will not disclose what that maximum figure is!
SNOOPY
Bottom of page 6.
Its a condition of Heartland Bank's registration.
"Requires Heartland Bank's Australian assets to not exceed 33% of its total assets."
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23-08-2018, 02:39 PM
#11168
Originally Posted by percy
Bottom of page 6.
Its a condition of Heartland Bank's registration.
"Requires Heartland Bank's Australian assets to not exceed 33% of its total assets."
buy udc will easily mean they can fund aus expansion big time
one step ahead of the herd
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23-08-2018, 03:05 PM
#11169
Originally Posted by percy
Bottom of page 6.
Its a condition of Heartland Bank's registration.
"Requires Heartland Bank's Australian assets to not exceed 33% of its total assets."
Talk about small print! No wonder I missed that footnote! Nothing wrong with your eyesight is there Percy? I wonder why this information was seemingly 'withheld' from their advisors Cameron Partners? 33% of business in Australia seems like a lot before wthe RBNZ starts to worry?
I see that $684m of financial receivables are going to be moved to the new Australian Heartland Entity. Does it have a name yet? How does 'Heartland Oz Not a Bank' sound? I don't think that would breach any ASX naming rules?
Pre split the receivables of the Heartland we have now are listed as $3,882m. So about now the Aussie receivables represent:
$684m / $3,882m = 17.6% of all receivaables
So Heartland must be confident that their Aussie loan book will likely double in size in the short to medium term? And that is assuming a constant sized NZ loan book going forwards which is probably an underestimation?
SNOOPY
Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7
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23-08-2018, 03:07 PM
#11170
The real meat is on page 60.
That is page 19 of Cameron Partners report.
Section 3.3.2 RBNZ constraints on Heartland Australia growth.
Secured Asset Lending.
RBNZ restricts to 20%of total assets.Currently up to 18%/
85% of these secured assets are related to Australian reverse mortgage business,and 15% to NZ motor vehicle financing.
Post restructure the secured asset limited ratio will decrease to approx. 3%.
"This will remove the constraint to growth in the Australian business and create significant additional new headroom for secured asset funding within the Heartland Bank business."
So the last sentence is what we were looking for.Growth in Australia and more headroom for NZ Bank using existing capital..
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