New Zealand Bankers’ Association (NZBA) is pleased to announce that Kirk Hope will step into the role of chief executive of the NZBA at the end of March, taking over from acting chief executive Martin Philipsen.
A Wellington-based banking professional with over a decade of experience in the New Zealand financial services sector, Kirk Hope is a Victoria University Law School alumni and former head of regulatory affairs and government relations at Westpac. He joins NZBA after two years serving as executive director of the Financial Services Federation, an industry advocacy body representing 36 of the largest financiers in New Zealand.
NZBA Council chairman Andrew Thorburn welcomes the appointment of Kirk Hope to this pivotal leadership role within the New Zealand banking industry.
“Kirk has the full spectrum of experience required to manage this portfolio with comprehensive understanding of legal, regulatory and industry processes, hands on experience in banking and at the NZBA, and is well versed in managing multiple stakeholders.”
Hope will take over the helm of the NZBA at the end of March from Martin Philipsen who was appointed acting chief executive in December 2011.
Finance and Expenditure Committee
The Co-operative Bank has joined the New Zealand Bankers’ Association bringing the total number of member banks to 13.
New Zealand Bankers’ Association acting chief executive Martin Philipsen welcomed the new member bank. “We are pleased to have New Zealand’s newest registered bank join us. Having The Co-operative Bank on board strengthens our role as the voice of the New Zealand banking industry,” said Philipsen.
“As a bank that is owned by its customers, it will be great to represent their voice within the New Zealand Bankers Association” said The Co-operative Bank chief executive Dr Girol Karacaoglu.
Established in 1928, and formerly known as PSIS, The Co-operative Bank became a registered bank in October 2011.
As the industry’s voice, the New Zealand Bankers’ Association supports a safe and successful banking system that benefits New Zealand. Member banks work together on non-competitive industry issues. Membership of the Association is open to any bank registered under the Reserve Bank of New Zealand Act 1989.
Other New Zealand Bankers’ Association members are ANZ National Bank, ASB Bank, Bank of New Zealand, Bank of Tokyo-Mitsubishi UFJ, Citibank, Hong Kong and Shanghai Banking Corporation, JPMorgan Chase Bank, Kiwibank, Rabobank New Zealand, SBS Bank, TSB Bank, and Westpac New Zealand.
Reserve Bank of New Zealand
New Zealand banks are well positioned in the face of current international financial tensions.
“Our banks’ strength lies in the fact that they are well capitalised and regulated,” said New Zealand Bankers’ Association chief executive Sarah Mehrtens.
New Zealand banks all meet the international standards, and the Reserve Bank of New Zealand requirements which are based on these international agreements. The capital adequacy ratio mandated by the Reserve Bank is 4% for tier one and 8% for total qualifying capital. On average, New Zealand’s major banks’ capital holdings exceed the required tier one and total qualifying capital ratios by 5.96% and 4.80% respectively.
Capital adequacy rules form an important part of the regime which regulates banks. Good regulation is needed because of the importance of the banks to the economy.
“Our banking system is robust and well regulated, and served us well during the global financial crisis. Our banks did not get caught up in the debacle that many of the international banks are now facing. We need to stay focused on striking the right balance between lending and growth on the one hand, and safety on the other,” said Mehrtens.
Ministry of Consumer Affairs
Law Commission
Reserve Bank of New Zealand
The New Zealand Bankers’ Association today welcomed the government’s financial assistance for leaky homes which will provide a further option for affected home owners.
The package will offer a government contribution of 25% of the cost of approved repairs to eligible home owners to repair their homes, and home owners may be eligible for a further contribution of 25% of the cost of approved repairs from their local authority. Home owners will then need to fund the balance of the repair costs. It is expected that many home owners who are eligible for the package will do so by way of borrowing from their bank.
“Eligibility and affordability are key elements of the package,” said NZBA chief executive Sarah Mehrtens. The package announced today will go a long way towards helping in this area. Banks will work closely with affected home owners to see how they can assist. It is important to note that lending criteria conditions will still need to be met.
“Banks have for a long time been working to assist customers who own leaky homes, and what is pleasing about this package is that it does provide some property owners with a further option,” said Mehrtens. Other options that already exist include the Weathertight Homes Resolution Service.
“Customers will need to carefully consider which option best suits their needs. We encourage them to take independent legal advice because the FAP may not be appropriate for everyone,” said Mehrtens.
Member banks that have agreed to work with the government are:
- ANZ National Bank Limited
- ASB Bank Limited
- Bank of New Zealand
- The Hongkong and Shanghai Banking Corporation Limited
- Kiwibank Limited
- SBS Bank
- TSB Bank Limited
- Westpac New Zealand Limited.
Customers of other banks can also seek assistance from the Department of Building and Housing under the package.
Affected home owners are encouraged to contact the Department of Building and Housing for more information on the FAP and to determine whether they are eligible for assistance under the scheme.
The Office of the Privacy Commissioner