Allan Hubbard believed his self-righteous hype - sadly, so did we.

It was the earthquake New Zealanders have been told for years to expect. And Christchurch got it.

Christchurch Mayor Bob Parker says there is "significant structural damage" to his city after this morning's 7.1 quake, with some eastern suburbs facing possible evacuation.

Dear Allan Hubbard. Please take responsibility for the mess created by the boom and now bust of the South Island's largest financial institution, writes Bernard Hickey.

Allan Hubbard's finance company is near receivership and is understood to be in last-minute talks with the Govt and overseas investors to avoid NZ's largest corporate collapse in decades.

South Canterbury Finance is likely to remain in a trading halt into next week as it awaits fresh capital.

South Canterbury Finance had its securities halted from trading on the NZX debt market pending an announcement on a new investor.

The value of some investments were overstated by at least 25 per cent.

Cabinet is bracing itself for the possibility that the SFO probe into Allan Hubbard will not find any evidence of complex fraud.

A march in support of Allan Hubbard and his wife Jean proceeded through Timaru's main street today and finished up outside South Canterbury Finance.

Hundreds have rallied in Timaru to support Allan Hubbard.