The New Zealand Bankers’ Association today announced that Chapman Tripp and Visa New Zealand have joined the Association as its latest affiliate members.
“We are pleased both Chapman Tripp and Visa have decided to formalise their relationship with the Association and are delighted to welcome them as affiliate members,” said New Zealand Bankers’ Association Chief Executive Kirk Hope.
Chapman Tripp Managing Partner Mark Reese said, “Chapman Tripp has a long-standing commitment to New Zealand’s banking industry and we are proud to be an affiliate member of the New Zealand Bankers’ Association. We look forward to working closely with NZBA and its other members to support New Zealand’s strong and stable banking system.”
Visa New Zealand and South Pacific Country Manager Caroline Ada said, “We are delighted to join NZBA as an affiliate member. Visa’s focus in New Zealand is on advancing digital payments to provide consumers with greater ease and convenience at the checkout, both in-store and online. Our ability to deliver on that means we must work across the industry, and strategic partnerships with organisations like NZBA are essential to that vision.”
In response to the LVR changes announced today by the Reserve Bank, the New Zealand Bankers’ Association said that banks will work to meet the new obligations but warns that demand side initiatives are only one part of the solution.
“We look forward to seeing more detail on the proposal and working with the Reserve Bank to help ensure the policy changes can be put in place and meet their aims,” said New Zealand Bankers’ Association Chief Executive Kirk Hope.
“Our members are committed to meeting their obligations as registered banks and will comply with any new lending requirements.
“It’s difficult to be too specific about exact implications at this stage, without having worked through the details. It is likely though that this will make borrowing tougher for residential property investors in the Auckland region.
“In particular we welcome the Reserve Bank’s decision to increase the existing speed limit for high LVR borrowing outside of Auckland from 10 to 15 percent. This is a positive move and recognises the very different housing market conditions outside of Auckland.
“It’s important to note though that macro-prudential measures such as those announced today are to ultimately going to be limited in their impact on the Auckland housing market.
“Credit growth is currently around 5 per cent, which is not high in comparison to pre GFC credit growth of around 16 to 18 percent. The real issues driving housing affordability in Auckland are the lack of housing supply, and strong inward migration, not the availability of cheap credit.
“We support sensible measures that help address the supply problem, and it’s important to realise that demand side initiatives can only play a limited role in addressing the underlying drivers of the Auckland housing market.
New Zealand Bankers’ Association boss Kirk Hope said Islamic mortgages were likely to be a niche product, and was not surprised banks had not yet taken an interest.
Financial Markets Authority
Reserve Bank of New Zealand
CEO of the New Zealand Bankers’ Association Kirk Hope says that profit was helped by an increase in lending and fewer bad loans.
Bankers’ Association chief Kirk Hope says there are few times when a bank can legally divulge your information: “You’ve got compulsion by law, a public duty to divulge the information, or where a bank has to disclose information to protect its own interests, for example in a court case. Or where the customer agrees to it, for example letting their information be used for marketing purposes.”
New Zealand Bankers’ Association chief executive Kirk Hope said: “The Australian courts have so far ruled that none of the fees targeted by the action are unreasonable. For bank customers these fees are also avoidable”.
The New Zealand Bankers’ Association today welcomed Russell McVeagh as its latest affiliate member.
“We are very pleased to have Russell McVeagh, one of New Zealand’s leading commercial firms, join us as an affiliate member,” said New Zealand Bankers’ Association Chief Executive Kirk Hope.
“This move demonstrates Russell McVeagh’s commitment to the banking industry in New Zealand.”
Russell McVeagh Finance Partner Deemple Budhia said, “We’re very pleased to join the voice of the banking industry in New Zealand as an affiliate member, and look forward to supporting its objectives for a strong and stable banking system that benefits New Zealanders and the economy.”
“This membership formalises our very longstanding relationship with NZBA and its members, and we look forward to being an active contributor to this highly regarded organisation.”