NZ Herald
Government announces major market study into banking
20/06/2023
“In recent years we have seen bank teams tied up with significant regulatory requirements, limiting the ability to focus on new product development. We hope the Commerce Commission will look closely at the regulatory environment as part of its study.”
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Stuff
Commerce Commission to probe retail banking competition
20/06/2023
“We believe the inquiry will ease any concerns in the community about competition and innovation in the banking industry,” he said. “We have a competitive banking sector, with 16 retail banks operating in New Zealand and easy bank switching.”
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Interest.co.nz
The market study into the banking sector has broad political support as households struggle with high interest rates
20/06/2023
The New Zealand Banking Association said local banks were resilient because they were highly regulated, well capitalised, and profitable.
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Interest.co.nz
Commerce Commission to provide preliminary report on competition in the banking sector by August as market study gets underway
20/06/2023
“Switching banks is easy. Your new bank can arrange everything including transferring your funds from your old bank and setting up your recurring payments to your new accounts. This can be done within five working days, and you don’t even need to talk to your old bank,” says Beaumont.
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NZ Herald
Bank profits: Commerce Commission inquiry set to be launched tomorrow after political calls for action
19/06/2023
“The industry would welcome the opportunity to discuss bank profits and the contribution banks make to support the New Zealand economy, households and businesses,” Beaumont said at the time.
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Interest.co.nz
Button set to be pushed on market study into the banking industry on Tuesday
19/06/2023
Beaumont said NZ’s banks were profitable, well-regulated and resilient, and that was important in the current economic climate.
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RNZ
House prices dip again, but market may be close to bottoming out – Corelogic
01/06/2023
Credit bureau Centrix’s latest data indicated mortgage arrears rose for the seventh consecutive month, with just under 19,000 people behind on repayments, which equated to 1.3 percent of mortgages, while the Bankers Association reported nearly 45 percent of mortgage holders were ahead on their repayments at the end of 2022.
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Stuff
Here’s how blocking New Zealanders from international gambling might work
30/05/2023
The New Zealand Banking Association submitted in 2019 that gambling providers and their customers could also circumvent that measure, for example by accepting and making deposits using other international payment services such as PayPal, WeChat and AliPay.
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NZ Herald
Tūrangi banking hub trial cancelled due to lack of a suitable building
25/05/2023
“Due to a range of issues, primarily low seismic building ratings that would put staff and customers at risk in case of an earthquake, we have not been able to secure a suitable location.”
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NZ Herald
Auckland floods: Bank takes insurance payout for home, leaving owners high and dry
18/05/2023
“Our banks are part of the communities they serve and responded quickly as the flooding and cyclone events unfolded, making $1.4 billion available in low-cost lending, and donating $6.5 million to disaster relief funds. They also provided loan repayment relief and access to term deposits.”
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