PGG Wrightson Finance yesterday said debenture reinvestment rates in the debenture programme were around 80 per cent over the December 2008 half year, and provide one measure of the increasing confidence in this investment option since the introduction of the guarantee on retail liabilities by the New Zealand government.Net profit for PGG almost doubled to NZ$4.65 million over the half year. The loan book increased 14 per cent to NZ$513 million.In a media release Mark Darrow, head of PGG Wrightson Finance, said that "there is nothing we can see that will deflect that rate of growth in the next 12 months."One factor driving demand may be the reluctance of banks to lend so willingly as New Zealand's recession bites and the profits of dairy farmers fall in line with the price of milk.Interest.co.nz