ING offers bail-out on frozen NZ funds
ANZ Banking Group has broken new ground via its 49 per cent holding in ING New Zealand, which has offered unit holders an opportunity to exit frozen funds.
ANZ used a market update to announce that it has taken a charge of $130 million against revenue relating to its 48 per cent share of the costs associated with the offer to the two frozen ING New Zealand funds.
ANZ acknowledged that some of the funds had been sold to ANZ customers and that ING New Zealand had this week made an offer to unit holders that allows them either a guaranteed value in five years time or the ability to exit the investment immediately for a cash settlement.
The banking group said the ultimate cost to ANZ would depend on the final value of the units and recoveries under ANZ insurance policies.
AUTHOR
Mike Taylor
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