ASB tightens credit screws as global crunch continues

The impact of the credit crunch is pushing further into the New Zealand banking scene, with ASB bank dropping its 'low- doc' and 80 per cent plus loans in new credit rationing move. Sold through ASB's broker lending division Sovereign Home Loans, the move is a yet another sign that the big Australian banks are tightening credit criteria to deal with sharply higher overseas funding costs and frozen international credit markets.

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By NZ Herald, 3 October 2008

Posted: 3 Oct 2008

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