- “While the FMA and RBNZ review into banking conduct last year found no evidence of widespread misconduct, the industry believes that trust is central to customer relationships and welcomes any moves to improve this.”
- “We will also work closely with the government on the recently announced fast-tracking of regulation for further customer protection in the financial sector.”
- Priority amounts are a dollar amount that mortgagees set in their mortgage terms and conditions, set by banks’ internal credit policies. The dollar amount reflects the maximum amount that the mortgagee can recover ahead of other mortgagees if there is a mortgagee sale.
- Buffers ensure banks have sufficient capital to get through a serious economic downturn. However, too large a buffer limits banks’ ability to innovate and enhance customer outcomes.
- New Zealand Bankers’ Association acting chief executive Antony Buick-Constable said: “New Zealand’s banks are currently very well capitalised and among the most stable and secure in the world.”
- Banks take their obligations to maintain customer privacy and confidentiality very seriously. On rare occasions that needs to be balanced with national security requirements.
- Our banks stand by their agri clients in good times and bad.That was particularly evident during the dairy downturn. It makes sense for farmers to have a look at their financial management in better times.
- NZBA’s acting chief executive Antony Buick-Constable, said: “The report represents an opportunity for the New Zealand banking industry to retain the confidence of our customers and ensure a solid foundation for banking in future. We are ready to take that opportunity.
- “As with most businesses bank CEOs have levels of responsibility ordinary staff members wouldn’t have. In the New Zealand banking industry it includes responsibility for around 25,000 staff, over $13b in shareholders’ capital and over $300b in customer deposits.”
