- All retail banks are offering interest-free overdrafts to teachers and other school staff affected by the Novopay payroll system issues from now until 15 January 2013. “Banks across the board are supporting their customers here. This issue affects the largest single payroll in the country. It’s about helping ensure affected teachers and staff continue to... Read more »
- The Bankers Association commissioned Massey University’s Centre for Banking Studies to compare the return on shareholders’ equity for the banks, with those of the top 50 listed firms, between 2008 and 2012.
- Bank lobby group the New Zealand Bankers’ Association (NZBA) says bank profitability, based on return on equity (RoE) over the past five years, comes in mid-table when compared with bigger sharemarket listed companies.
- The New Zealand Bankers’ Association today released long run bank profitability data which compares returns on equity for New Zealand banks against NZX listed companies. Independent analysis undertaken by Massey University showed that retail banks’ average return on equity over the last five years fell in the middle of the range compared to NZX listed... Read more »
- The Reserve Bank’s latest Financial Stability Report issued today has confirmed that banks are supporting New Zealand’s financial outlook in the face of ongoing global economic challenges. “Well-regulated strong banks are part of New Zealand’s current success compared to other countries,” says New Zealand Bankers’ Association chief executive Kirk Hope. The report identified a number... Read more »
- “It’s a useful step towards sorting out a very thorny and expensive compliance issue for us. We understand US moves to clamp down on tax evasion by Americans living around the world. But without an inter-governmental agreement, the US law’s provisions are virtually unworkable,” said Hope.
- The New Zealand Bankers’ Association today applauded the government’s decision to seek an inter-governmental agreement between New Zealand and the United States which will help financial institutions comply with new US tax reporting requirements. The Foreign Account Tax Compliance Act, also known as FATCA, is designed to ensure US citizens resident in other countries meet... Read more »
- Large profits in the banking sector needed to be considered alongside the contribution banks made to the economy, Mr Hope says. “Last year banks contributed around $6 billion to our economy through the $4.5 billion they invest in running their businesses here, and the $1.3 billion they paid in tax.”
- KPMG’s Financial Institutions Performance Survey (FIPS) report for the quarter to 30 June 2012 confirms that New Zealand banks are well placed to meet ongoing challenges. Those challenges to the banking sector, and the wider New Zealand economy, include the continuing European debt crisis and a slowdown in the Australian economy, our largest trading partner.... Read more »
