The NZ Bankers’ Association submitted that the crown research institute model made it extremely difficult for businesses to access and use this data.
NZ Bankers’ Association chief executive Roger Beaumont said it was important for customers to speak to their bank as early as possible if they were “doing it tough”.
“If you’re considering borrowing from your bank, it’s always worth having a chat with them to find out what they’ll be looking for and what you can do to help get your application over the line.
Finance and Expenditure Committee
In response to the Reserve Bank governor’s recent comments about banks supporting households and businesses in the face of an historic rise in the official cash rate, New Zealand Bankers’ Association chief executive Roger Beaumont says:
“Our banks are ready to support customers who are doing it tough because of the rising cost of living and other economic headwinds. If you’re experiencing financial difficulty, it’s important to speak to your bank as soon as possible. The sooner you talk to your bank, the more likely they’ll be able to help.
“Our banks are well-placed to support New Zealand households, businesses, and the economy through the difficult times ahead. They are well capitalised and are regularly stress-tested by the Reserve Bank.
“Depending on your circumstances there are a number of ways in which banks can help people facing financial difficulty. Your bank can work with you to develop a plan to suit your needs. Our banks are here to help.”
ENDS
He said these cases were often very sensitive and complicated by the bank’s customer obligations to both domestic partners who may have joint accounts, home loans or credit cards. “Joint products usually need the consent of both customers to make any changes. Issues can arise when one party refuses consent.”
“Banks play a part in helping to identify instances of economic harm. They train staff to recognise signs of potential economic harm while being sensitive to customers’ situations and wishes.”
Banks are working to help customers experiencing economic abuse, says the New Zealand Bankers’ Association today ahead of International Economic Harm Awareness Day on November 26th.
Economic abuse is a form of family violence that can affect anyone, regardless of their personal circumstances or background and, like other forms of family violence, it predominantly impacts women.
“Economic abuse is a serious problem, and it’s often hidden. Talking about it is the first step to eliminating its impact,” says New Zealand Bankers’ Association chief executive Roger Beaumont.
“Banks play a part in helping to identify instances of economic harm. They train staff to recognise signs of potential economic harm while being sensitive to customers’ situations and wishes.
“Depending on the circumstances involved, banks can also offer help to customers experiencing economic abuse. That may be through helping to close joint accounts and looking at ways to manage joint debt. They may also be able to communicate with the other party where protection orders are in place.
“These cases are often very sensitive and complicated by the bank’s customer obligations to both domestic partners who may have joint accounts, home loans and credit cards. Joint products usually need the consent of both customers to make any changes. Issues can arise when one party refuses consent.
“Banks balance the need to treat these cases with the utmost sensitivity, while meeting their legal and regulatory obligations, including customer confidentiality and privacy, and consumer lending laws.
“If you or someone you know is experiencing economic harm, it’s a good idea to reach out to the bank for a confidential chat about how they can help.”
ENDS
“The hubs trial is designed for small communities that no longer support bank branches due to lack of customer demand, or never had them. Stratford still has a bank branch. Locals who prefer face to face banking may wish to consider switching to that bank. Switching is easy and quick, with the new bank taking care of everything, including transferring across any recurring payments.”
Ministry for the Environment (more…)