The Bankers’ Association chief executive Kirk Hope said New Zealand banks have no choice but to comply with the US law, but take confidentiality of client’s information very seriously.
New Zealand Bankers’ Association chief executive Kirk Hope said it was impossible for New Zealand companies to comply with Fatca without the agreement, because under current law they aren’t allowed to provide information to overseas tax departments.
ASB Bank chief executive Barbara Chapman has been elected chair of the New Zealand Bankers’ Association for 2014/15 and takes on the role today.
BNZ chief executive Andrew Thorburn was elected deputy chair.
“The association plays an important role representing the banking industry on a range of issues with a range of stakeholders,” said Barbara Chapman.
“Our banks are rated among the most sound in the world, and work hard to achieve consistently high customer satisfaction. That’s good for New Zealanders and our economy.”
ASB takes over the chair bank role from Westpac.
New Zealand Bankers’ Association chief executive Kirk Hope said, “I would like to acknowledge Peter Clare’s contribution as chair over the last year, and welcome Barbara Chapman to the role.”
The New Zealand Bankers’ Association is the industry’s voice and promotes policy outcomes which contribute to a successful banking system that benefits New Zealanders and the New Zealand economy.
Association membership is open to any bank registered under the Reserve Bank of New Zealand Act 1989. Currently the association has 14 members. The association’s governing body is its council, comprising the chief executive of each member bank
The banks argue that they are already responsible lenders and that the law changes should be targeted at loan sharks and lower tier lenders rather than them.
Bankers’ Association chief executive Kirk Hope says any farmers finding it tough should talk to their bank right away.
Drought-affected farmers should talk to their banks said the New Zealand Bankers’ Association in response to increasingly dry conditions in parts of Northland and Waikato.
“We encourage any farmers facing hardship as a result of the lack of rain to contact their bank to discuss options for assistance and how they can work through these challenging conditions,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“Banks work very hard with customers who find themselves in financial difficulty. Farmers who are having trouble because of the drought should speak to their bank as soon as possible.
“Bank relationship managers work very closely with their rural clients and they understand individual farmers situation and will work with them based on their needs.
“As well as talking to their banks, farmers can also seek advice about managing dry conditions from Rural Support Trusts, DairyNZ and Beef + Lamb New Zealand,” Hope added.
Questions to ask if you’re considering putting your money into a savings pool.
Ministry of Business, Innovation and Employment
The 25 basis points rise in the Official Cash Rate to 2.75% announced by the Reserve Bank of New Zealand today was widely expected said the New Zealand Bankers’ Association.
“The OCR rise has been clearly signalled by the Reserve Bank Governor for some time, and comes as no surprise,” said New Zealand Bankers’ Association chief executive Kirk Hope.
The OCR is part of a range of factors that drive interest rate changes. Other important factors that influence rate changes include the cost of funding from domestic deposits and the cost overseas wholesale funding.
“It’s a good time for mortgagors to assess their circumstances to help ensure they can manage an increase in the cost of borrowing.
“This is especially important for first-home owners who have borrowed at historically low rates.
“Talk to your bank about your particular circumstances. Banks are happy to provide information about products and services to suit individual needs.”
Hope added that the gradual rise in interest rates was good news for people with savings in the bank, especially those who relied on interest income from investments such as retirees.
Banking industry body the New Zealand Bankers’ Association said the union’s claims “undermine the great work that frontline staff do in engaging with customers”.