A $202 million upturn of stupendous loans since January 1 has been accounted by South Canterbury Finance Ltd. In addition to normal maturing and repayment of consumer and business loans, this Timaru-based finance company has also cashed up over 10% of entire assets since the start of the year.

The Company's specialist asset management team, working to realize assets in its portfolio of non-core and non-performing loans, helped in achieving a significant proportion of these recoveries. These assets embrace advances to farms, property developments, vineyards and to various corporate entities.

Just as the Company's business was restructured, there came a major need to call for the process of collecting old loans and making new loans. This reconstruction was aimed at restoring the Company's position as one of the foremost lenders for business expansion and escalation.

"Asset recovery complements our efforts to attract new investors and encourage existing investors to re-invest with the benefit of the Crown's extended retail deposit guarantee. Specialized asset recovery makes a very useful contribution to the overall cash position furthering debt repayment and investment in fresh lending", said, Chief Executive, Sandy Maier.

The Company is enabled to substantially increase its total cash realized from the asset base this year. This is due to the fact that there have been positive signs witnessed in the souk and the momentum has already been achieved by its asset recovery team.