NZ Herald
Regulation, saturation and economic slowdown: What’s the future for buy now pay later?
24/03/2023
In its submission on the proposed regulation, the NZ Bankers Association said all BNPL inquiries should have to comply with the credit law’s affordability principle. “There is no clear justification for treating BNPL contracts differently to other consumer credit contracts.”
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Stuff
Union calls for 5% levy on ‘excess bank profits’
21/03/2023
New Zealand Banking Association chief executive Roger Beaumont said bank profits looked big because they were among the country’s biggest companies. “They employ over 28,000 people in New Zealand and lend over $540b to fund household and business needs. Last year banks made a net contribution to our economy of $1.92b. They spent $9.1b running...
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Interest.co.nz
Bank workers’ union wants 5% levy on the profits of New Zealand’s big four Australian-owned banks
21/03/2023
“Last year banks made a net contribution to our economy of $1.92 billion. They spent $9.1 billion running their businesses and paying tax in New Zealand, compared to combined profits of $7.18 billion … Our banks’ average return on equity is 13.4%, which falls in the middle of the pack when compared to other major...
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Stuff
Bank profits: ‘Comparing the banking industry to building companies is ridiculous’
18/03/2023
Kensington’s comparison was a re-run of a defence of bank profits made in 2012 by the New Zealand Banking Association Te Rangapū Pēke, when average bank returns on equity from 2008 to 2012 ranged from 7.5% to 16.3%.
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Newsroom
Amid fears for small players, big banks agree to a competition inquiry
15/03/2023
“We often hear about bank profits going overseas,” says chief executive Roger Beaumont. “That’s half the story. Banks also spend a lot of money here and pay a lot of tax. They actually spend more here than they take away in profits.” He says the net positive contribution to the economy is $1.92 billion. “And that’s...
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Newsroom
NZ fund’s $6m exposure to bank collapse amplifies calls for local protection
14/03/2023
“Profitable and well-regulated banks are strong banks, and our banks came through the global financial crisis without failures or government bailouts.”
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KPMG
Fasten your seatbelts
14/03/2023
We continue to live in interesting times. Since the arrival of Covid-19 three years ago, provoking an unprecedented response around the world and in New Zealand, nothing seems quite the same. While New Zealand weathered the Covid onslaught relatively well compared to other countries, the economic consequences are still very much with us. Added to...
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NZ Herald
Liam Dann: Without appetite for real change, banking inquiry is just political theatre
12/03/2023
The National Party this week called for a short, sharp Select Committee inquiry. The Banking Association welcomed National’s call, which is a pretty good indication of how worried the industry was about it.
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Good Returns
National calls for banking enquiry; Banks think it’s a good idea
09/03/2023
“There’s also legislation in the pipeline to help people safely share their banking information with other service providers, which will support even more competition,” Beaumont said.
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Business Desk
Banks ‘welcome’ prospect of an inquiry
08/03/2023
“The industry would welcome the opportunity to discuss bank profits and the contribution banks make to support the New Zealand economy, households and businesses,” NZ Banking Association chief executive Roger Beaumont said.
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