- The New Zealand Bankers’ Association (NZBA) and FinCap have provided $5 million for financial mentors in small communities. “The reason the banks wanted to fund this was there’s a bit of a gap in terms of people who are making the transition, particularly to online or digital banking,” said NZBA CEO Roger Beaumont.
- New Zealand Bankers’ Association chief executive Roger Beaumont said banks set rates depending on their funding needs and the price they could get it for.
- “They’ll take into account the official cash rate and the cost of other funding, including wholesale funding often sourced from overseas, and retail funding often from local deposits. That’s particularly the case with lending rates, where fixed and variable rates may be affected differently by the shorter and longer term cost of funding.”
- “Our banks anticipate these threats and have protections in place to help ensure they can keep delivering the seamless digital service that customers now expect. Cyber threats are constantly evolving, as is the banking industry’s vigilance and response to those threats.”
- “As interest rates declined over recent years, these borrowers likely retained their repayments at the same level, or increased them, to help repay their loans faster, which shows a good level of financial capability,” Beaumont said. People were also managing their credit cards well, he said, with 66.6% of card balances paid off in full... Read more »
- NZBA chief executive Roger Beaumont said the figures showed many people with home loans continue to be well placed as interest rates rise from historic lows.
- “In that time, as the FMA says, banks have worked hard to improve their internal conduct processes and proactively identify any issues and remediate them. Banks are also highly engaged in the new conduct regulation for financial institutions being developed by the government.”
- “Banks operate in a highly regulated environment and take their compliance obligations very seriously, including this cap. We can’t comment on competitive issues, including pricing and the products and services offered by our member banks.”
