- New Zealand Bankers’ Association chief executive Roger Beaumont said it was important to compare like-for-like. “Eftpos remains an important part of card payments in New Zealand. It’s free for merchants and that impacts the overall cost to merchants for payments.”
- Boyle, who reviewed the Reserve Bank’s December proposal and supporting literature and contributed to a report commissioned by the New Zealand Bankers’ Association, maintained that a full cost benefit analysis should have been done at the outset. Instead, the Reserve Bank has promised to produce one later this year.
- The new hubs, which will open in Stoke, Martinborough, Opunake, and Twizel early next year, will feature “Smart ATM” machines, “a support person”, and online and technology support, according to the NZ Bankers’ Association.
- Former head of the Treasury Graham Scott wrote the association’s submission on the Reserve Bank proposal. He says requiring banks to hold 16 percent capital will cost the economy about $1.8bn a year and could lead banks to pull money out of the country.
- “We differ on the costs of the proposal compared to the benefits. Our banks are already well-capitalised and strong by international comparisons,” said NZBA chief executive Roger Beaumont.
- “The independent economic analysis we commissioned from Sapere in May, and led by former Treasury Secretary Dr Graham Scott, found that the Reserve Bank proposals will cost households, businesses and our economy around $1.8 billion a year.”
- “I’d like to thank the banks and the Bankers’ Association for working with the Government on this initiative which will be implemented in early 2020.”
