Ministry of Business, Innovation and Employment
The Bankers Association says with 14 retail banks, people should shop around. It also says banks work with people with poor credit history to try and improve it, but accounts are never closed without good reason.
Roger Beaumont, chief executive of the New Zealand Bankers Association, talks about the year past and what he hopes 2020 will have in store.
“Banks are at different development stages in this area. It’s important we get the foundations right to ensure good customer outcomes. That includes making sure customer data is kept secure and there’s clarity on liability in case of any breach.”
Ministry for the Environment and Ministry for Business, Innovation and Employment
“Today’s announcement provides our banks with certainty on the amount and type of capital they will need to hold in future, and brings an end to a robust consultation,” says New Zealand Bankers’ Association chief executive Roger Beaumont.
Citing an economic review, NZBA has said lifting the capital requirements would have economic welfare costs of $1.8 billion a year and that it would disproportionately affect agricultural, small business lending, and savers.
Banks will have to hold more capital, possibly leading to a small rise in interest rates, the Reserve Bank has revealed.
“It’ll be a matter of months rather weeks before the implications are made clear.”
“Today’s announcement will have an economic impact and each bank will now consider the implications for their business and customers, and will be developing their own commercial response.”