Priority amounts are a dollar amount that mortgagees set in their mortgage terms and conditions, set by banks’ internal credit policies. The dollar amount reflects the maximum amount that the mortgagee can recover ahead of other mortgagees if there is a mortgagee sale.
Roger Beaumont has today been named as Chief Executive of the New Zealand Bankers’ Association, the organisation that represents the New Zealand banking industry.
NZBA Chair David McLean, CEO of Westpac, says they are delighted to have been able to appoint someone with such strong credentials in both the banking sector and stakeholder management area, which Roger possesses.
“Roger has an extensive career at an executive level in banking, corporate affairs and media, and is extremely well respected within both the public and private sectors of New Zealand, which is important in a role such as this.”
David McLean also acknowledges the superb job done by current Acting Chief Executive Antony Buick-Constable.
“Antony and the team have worked through a number of serious issues and reviews in recent times, and I particularly want to acknowledge the work they have done in the area of financial inclusion.
“The banking industry as a whole is facing many ongoing challenges around competition, regulation and cyber security. The Bankers’ Association has an extremely important job to do to ensure all stakeholders, and customers have confidence in the work we undertake.”
Roger Beaumont will take up his new position on 21 January 2019.
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Reserve Bank of New Zealand
State Services Commission
Reserve Bank stress tests show banks can withstand a 40 per cent fall in house prices.
Buffers ensure banks have sufficient capital to get through a serious economic downturn. However, too large a buffer limits banks’ ability to innovate and enhance customer outcomes.
New Zealand Bankers’ Association acting chief executive Antony Buick-Constable said: “New Zealand’s banks are currently very well capitalised and among the most stable and secure in the world.”
Banks take their obligations to maintain customer privacy and confidentiality very seriously. On rare occasions that needs to be balanced with national security requirements.
This festive season the New Zealand Bankers’ Association is reminding people to watch out for financial crime.
“While many of us are rushing to get ready for Christmas, fraudsters are also busy trying to access our bank accounts. They’re always looking for opportunities to steal our money, especially when we let our guard down,” says New Zealand Bankers’ Association acting chief executive Antony Buick-Constable.
“So when you’re Christmas shopping or catching up with friends and family, take care online and when you’re out using your card.”
If you’re using your card to pay for gifts, or out on the town, here are some tips to help keep your money safe:
- Guard your card. Make sure you know where it is at all times.
- Protect your PIN. Never tell anyone your PINs or passwords – not even the Police, bank staff, friends or family.
- Cover up. When entering your PIN number at ATMs and payment terminals, shield the PIN pad with your other hand.
More information about protecting your PIN and password is available here:
https://www.nzba.org.nz/consumer-information/fraud-protection/how-to-protect-your-pin-and-password/
When shopping and banking online:
- Only make payments on secure websites with a padlock symbol in the address bar.
- Don’t share your bank account login details, or password with anyone – not in person, online, over the phone, or in emails or texts.
- Use two-factor authentication (2FA) where available. It provides an extra layer of protection on top of your password.
- Avoid public computers and Wi-Fi, e.g. in cafés and libraries, etc. They may not be secure.
More information on how to keep yourself safe from online scams is available here:
If you think you’ve been the victim of fraud, contact your bank as soon as possible.
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Our banks stand by their agri clients in good times and bad.That was particularly evident during the dairy downturn. It makes sense for farmers to have a look at their financial management in better times.