- Hope pointed to NZ$6.6 billion contributed to the New Zealand economy in 2014 in wages to 25,000 employees and other spending, along with NZ$1.8 billion paid in taxes.
- “It’s a pretty competitive market; that’s one reason banks may choose not to pass on any additional capital costs to their customers,” he said. “They may of course choose to do that.”
- Hope said all of the products that were available in the past were still available. Asked how long cheques would still be around Hope said that was directly related to customer demand. “If there is demand for it they will still be available.”
- “Some people pay no interest on their credit cards, or they have a low interest credit card. Often they go for the higher interest product because of the loyalty offerings and because they pay the card in full before the interest free period ends.”
- Bankers’ Association chief executive Kirk Hope said retail banks were honouring pre-approvals to property investors made prior to 16 June, but all new applications were being approved on a case by case basis.
- A collector who will be sitting on capital gain, if he ever wanted to part with his beloved old school vinyl records, is Kirk Hope chief executive of the New Zealand Bankers’ Association.
- “This…does not provide the outcome that the Government is seeking, which is to ensure that the person is fully identified and verified,” Hope wrote. The banking industry is pushing for real estate agents and lawyers who have the relationships with property buyers should meet the obligation to verify their identity.
- Banks operate in a “very competitive” environment to attract and retain customers but this is balanced by the need to take compliance obligations seriously. “If they can continue to bank a customer within the bounds of their AML obligations, they will.”
- New Zealand Bankers’ Association chief executive Kirk Hope said racial stereotyping was not in the banks’ or their customers interests especially within such a competitive part of the banking sector.
