- She said the banks contributed around $6 to 7 billion to the New Zealand economy every year and employed more than 25,000 people. “They spend around $5 billion running their businesses here and pay around $2 billion in tax.”
- “What we had thought is that we’d actually covered it under our general principles of fair and reasonable treatment and also our privacy and security principle – it was absolutely always our intention to retain all of the material that had been in our previous code,” she said.
- NZ Bankers Association chief executive Karen Scott-Howman said she welcomed the arrival of the CCB. “Basically the branch license allows a lot more wholesale lending to take place,” she said.
- New Zealand Bankers’ Association chief executive Karen Scott-Howman said anti-money laundering laws were one of the main reasons that banks struggled with cryptocurrencies.
- “From the outset of the review we’ve said that nothing in the new code of banking practice is intended to reduce customers’ existing rights,” a spokesman said.
- Spokesman Philip van Dyk clarified on Friday that it had decided it only made sense to release them “once we’ve finalised the code and responded to submitters. That way it’s clear how we’ve responded to submissions in the revised code,” he said.
- “Adopting principles, rather than prescriptive rules, means banks will have to think carefully about how they’re meeting those customer commitments. That’s quite different from what’s required in Australia.”
- “It shows that banks are continuing to work closely with their agri clients. That’s not surprising given the high level of bank support for the agri sector.”
- New Zealand Bankers’ Association chief executive Karen Scott-Howman said banks were responsible lenders and that would not change, no matter what the central bank’s rules were.
