Business Desk
Would RBNZ’s bank resolution work? No, say the experts
11/04/2023
The NZ Banking Association also questioned whether OBR would work, saying it is unique to NZ and that there are no examples of it working anywhere, with or without a deposit guarantee scheme.
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NZ Adviser
Debate rages over call for bank levy and profits inquiry
30/03/2023
“Last year banks made a net contribution to our economy of $1.92bn. They spent $9.1bn running their businesses and paying tax in New Zealand, compared to combined profits of $7.18bn,” Beaumont said.
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Te Waha Nui
Urgent calls for government to recognise economic harm as separate form of violence
29/03/2023
Beaumont says that recent changes to the Credit Contracts and Consumer Finance Act, which require the same affordability assessments for all borrowers, mean that banks no longer have the discretion and flexibility to help customers in emergencies or cases of economic harm.
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Interest.co.nz
NZ’s big banks may be ‘fat, dumb and happy with an apathetic, stable customer base.’ But what does that mean for competition?
29/03/2023
“If you want a new mortgage, banks do want to see that history of behaviour and activity. But that’s a good example of where open banking in play will make that analysis by a competitor bank a whole lot easier. Because the data exchange will be a whole lot simpler than filling out a whole...
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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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