A group set up in the wake of Banksia Securities Limited’s crash last month met to discuss the matter on Monday.TRENT HORNEMAN November 8, 2012 4:23am
A Victorian Government working party set up in the wake of Banksia Securities Limited’s crash last month met for the first time on Monday.
The group, headed up by Victorian Deputy Premier Peter Ryan, will call on the State Government to consider forms of support for individuals and groups affected by the collapse.
Banksia Securities Limited went into receivership on October 25, owing investors about $650 million.
Last week another Banksia Financial Group business, Cherry Fund, also went into receivership, with investments of about $10 million.
Assistant treasurer Gordon Rich-Phillips, Member for Northern Victoria Wendy Lovell and Member for Rodney Paul Weller joined representatives from Campaspe Shire, receivers McGrathNicol, Australian Securities and Investments Commission and the Municipal Association of Victoria at the meeting.
ASIC representatives told the meeting the Federal Government was responsible for the regulatory oversight of Banksia and matters relating to its collapse.
Banksia receivers McGrathNicol told the group early data indicated the prospect of a meaningful return to investors, which it had announced more than a week ago.
The meeting also heard of the community impact from local government representatives present.
Regional Banksia investors continue to wait on news of a meeting with receiver McGrathNicol and when any returns will be paid. Customers are waiting for an explanation from authorities for the collapse.
Jan and Peter Wallace will attend the most emotional Anzac Day dawn service there is.
The Yarrawonga and District Cemetery Trust has been awarded a $50,000 grant from the Department of Health to undertake development work at the Yarrawonga cemetery.
Members of Murchison Book Club are hosting a literary lunch with Vivien Achia, author of Marrying Italian — When Love is Not Enough.
Echuca shearer Franky Atkinson has earned himself a return trip to New Zealand next year after an impressive run of performances in shearing competitions.
William Napier, whose remains lie in Rochester cemetery, received the Empire's highest honour for gallantry while fighting for the British army during the Indian Mutiny.
Tongala family hopes for transplant call for six-year-old.
Family of former Seymour man killed in a road crash in Los Angeles before Christmas set up a Melbourne University scholarship in his honour.
Tocumwal's Don Elgin is aiming to compete at the 2014 Commonwealth Games in Scotland
The Cancer Council Relay For Life fundraiser is a cause close to the hearts, and feet, of many district residents.
Redgum sculpture is carved at Thompsons Beach, Cobram.
Deniliquin Police ConFest Operation nets 76 drug detections.
Murray Goulburn has lifted its milk prices to about $6.66 kg milk solids.
Benalla's Joda Plex was named Goulburn Ovens Institute of TAFE's student of the year at her graduation this month.
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