Heartland among eight local banks put on notice over rising housing risk by S and P

Thu, 16 May 2013

By Paul McBeth May 17 (BusinessDesk) - Standard & Poor’s, the global credit rating agency, has put eight local banks on notice over the rising risk of a housing bubble bursting in New Zealand. Smaller lenders Cooperative Bank, Heartland Bank, TSB Bank, Credit Union Baywide, Credit Union South, First Credit Union, New Zealand Association of Credit Unions and Police and Families Credit Union have all had their outlooks dropped to negative from stable, giving them a one-in-two chance of being downgraded in the next two years if the country’s ec...

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