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AXA has frozen three mortgage funds worth $225 million. The company has suspended withdrawals from its Mortgage Distribution Fund, Mortgage Investment Fund and AXA Investment Portfolio. Interest.co.nz managing director Bernard Hickey says it is due to uncertainty around the Government's deposit guarantee scheme, which does not cover managed funds. He says there is fear people will take everything out of mortgage funds and invest in guaranteed banks or finance companies.
View All NZ LatestWeather conditions against swimmerMike Bodger not launching another attempt to become oldest person to swim Cook Strait after weather conditions prevented success Read MorePrivate ACC info mistakenly sent outACC apologising after report on injuries sent to thousands of businesses by mistake Read MoreFinancial marketsNZX50 3,076; Dow 10,053; NZ$=69.05 USc, 79.09 Aust, 50.29 euro, 61.80 yen, 44.21p; 90 day rate 2.79%; TWI 64.07 Read MoreStumbling block for govt's tax reformMaori Party against GST rise and wants to negotiate; co-leader Tariana Turia says increasing GST will be hard on low income families Read More |
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> Weather conditions against swimmer > Private ACC info mistakenly sent out > Financial markets > Stumbling block for govt's tax reform SPORT > First round exit for Sacha Jones in Thailand > Refs to front at post match media conferences WEATHER > Climate row scientist says he considered suicide See All Today's Most Read Stories
> Urgent - Key signals increase in GST
> Fire Service will cover demolition > Appeal to Asian community in taxi killing > Blogger unveils another suppressed name > Cricket tickets selling fast Read More News on Your Mobile
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