Wellington -
Another New Zealand finance company announced it was in trouble Tuesday, the 26th victim of the worldwide credit crunch in the last two years.
The New Zealand Guardian Trust Company said it was suspending withdrawals and new investments in its Guardian Mortgage Fund which holds nearly 250 million New Zealand dollars (about 187.50 million US dollars) for 3,700 investors.
"Due to current liquidity difficulties in the market, the fund is currently operating below its target liquidity rate of 5 per cent," the company said.