Half of New Zealand’s finance companies are likely to disappear, according to ANZ/National Bank chief economist Cameron Bagrie.
“I think we’re set for a real shake-out over the next 12 months,” he said.
“The more marginal player is going to find it tougher,” he told the New Zealand Mortgage Brokers Association annual conference.
“The weaker, the shysters, people with poor balance sheets are going to fall by the wayside.”
Bagrie said there are probably 100 finance companies in New Zealand and about 50 or more “are history”.