Ministry of Business, Innovation and Employment (more…)

“All of our retail banks are standing by to assist customers, including businesses, who may be affected by the current fuel supply issue,” New Zealand Banking Association chief executive Roger Beaumont said. “We encourage anyone experiencing financial issues to contact their bank. The sooner you contact your bank, the better placed they are to provide options to suit your particular circumstances.”

Department of Prime Minister and Cabinet (more…)

In its submission, the New Zealand Banking Association (NZBA) argues “we are not confident that the current allocation is equitable or proportionate.”

“We do not support the allocation of 85% of the levy to registered banks. This approach does not reflect the significant level of investment banks already make in AML/CFT compliance, and fails to equitably account for the risks posed by other reporting entities.”

“We’re encouraged to hear the Reserve Bank now thinks this matter can be addressed on a voluntary basis, rather than through the unexpected proposal that was previously announced. The proposed standard is extreme and does not reflect cash use in New Zealand, and we look forward to submitting on this in due course.”

Ministry of Justice (more…)

Watson, who recently took up the position for a two-year term, said “The New Zealand banking system is well-run, well-capitalised, well-funded and well-regulated, which enables Kiwis to get into homes, start and grow businesses, and trade with the world, as well as weather local and international crises and financial storms.”

The New Zealand banking system was “well-run, well-capitalised, well-funded and well-regulated”, she said. “Events in the Middle East are a reminder of how quickly a global shock ripples through our economy, and the role banks play supporting customers as they navigate global challenges.”

“As chair, I look forward to representing the industry and supporting a banking system that remains strong, competitive and focused on the needs of New Zealanders,” Watson said in an NZ Banking Association statement.