Reserve Bank of New Zealand (more…)

“From the outset of the review we’ve said that nothing in the new code of banking practice is intended to reduce customers’ existing rights,” a spokesman said.

Spokesman Philip van Dyk clarified on Friday that it had decided it only made sense to release them “once we’ve finalised the code and responded to submitters. That way it’s clear how we’ve responded to submissions in the revised code,” he said.

“Adopting principles, rather than prescriptive rules, means banks will have to think carefully about how they’re meeting those customer commitments. That’s quite different from what’s required in Australia.”

Financial Markets Authority (more…)

“It’s still early days, and we’d expect to see this technology continue to evolve in line with greater demand from merchants and consumers.”

The New Zealand Bankers’ Association today congratulated Adrian Orr on his appointment as the next Governor of the Reserve Bank of New Zealand.

“New Zealand is lucky that we have someone of the calibre of Mr Orr available and willing to do this job. He is extremely capable and at the same time grounded in the real issues that matter to New Zealanders.

“He is very well thought of within the worlds of economics and finance within New Zealand, and in his most recent role as CEO of the New Zealand Superannuation Fund led that organisation to a position of respect among global sovereign wealth funds which was out of all proportion to its size,” says New Zealand Bankers’ Association Chair and Westpac Chief Executive David McLean.

“We are delighted to see someone of Adrian Orr’s standing and experience appointed as the next Reserve Bank Governor. We look forward to working with him when he takes up the role,” says New Zealand Bankers’ Association Chief Executive Karen Scott-Howman.

Adrian Orr will take up the role of Reserve Bank Governor on 27 March 2018.

“I’d like to take the opportunity to thank Grant Spencer for his long service at the Reserve Bank, both as Deputy Governor and currently as Acting Governor,” says Scott-Howman.

ENDS

Financial Markets Authority (more…)

“It shows that banks are continuing to work closely with their agri clients. That’s not surprising given the high level of bank support for the agri sector.”

New Zealand Bankers’ Association chief executive Karen Scott-Howman said banks were responsible lenders and that would not change, no matter what the central bank’s rules were.