Stuff
Report accuses banks of making life unreasonably hard for smaller charities and not-for-profits
01/07/2023
Banking Association Te Rangapū Pēke chief executive Roger Beaumont sought to cast the issues raised as being caused by anti-money laundering laws.
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NZ Herald
Building industry downturn likened to GFC as new residential house numbers plummet
30/06/2023
“Each bank also has its own risk management and lending policies and will assess each loan application within that framework. One bank’s risk appetite may be different from another so it’s worth shopping around.”
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KPMG
Peak interest rates and the long road ahead
28/06/2023
With interest rates rising sharply to combat inflation and the cost of living, combined with severe flooding and cyclone damage in the North Island, the first half of 2023 has been eventful to say the least. While some commentators are saying the cost of borrowing appears to have peaked, what lies in store for consumers...
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Stuff
Rising threat of bad loans pushes bank profits down for first time in almost two years
28/06/2023
“Depending on the circumstances involved, options may include temporarily moving to interest-only repayments, or restructuring the loan over a longer term to reduce regular repayment amounts.”
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RNZ
Bank profits fall to lowest level in 18 months
28/06/2023
The head of the Banking Association, Roger Beaumont, said many households had cushioned themselves from the impact of rising rates and a slowing economy by getting ahead in mortgage repayments.
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Interest.co.nz
‘It doesn’t mean we hate you’: Commerce Commission Chairman John Small on banking, market studies and why he joined the competition watchdog
25/06/2023
The NZBA said in recent years the industry had seen bank teams tied up with significant regulatory requirements, limiting the ability to focus on new product development. “We hope the Commerce Commission will look closely at the regulatory environment as part of its study.”
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Finance News Network
New Zealand launches inquiry into Australian-dominated banking sector
24/06/2023
“We believe the inquiry will ease any concerns in the community about competition and innovation in the banking industry,” he said. “We have a competitive banking sector, with 16 retail banks operating in New Zealand and easy bank switching.”
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Good Returns
Culture and conduct not part of bank competition study
24/06/2023
Bankers Association chief executive Roger Beaumont says switching banks is easy. “A customer’s new bank can arrange everything including transferring funds from the previous bank and setting up recurring payments to new accounts.” Beaumont says this can be done within five working days, and people don’t even need to talk to their previous bank.
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AFR
Australian banks face the wrath of New Zealand’s competition regulator
23/06/2023
It could “ease any concerns in the community about competition and innovation in the banking industry”, New Zealand Bankers Association CEO Roger Beaumont said this week.
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Banking Day
Inquiry into competitiveness of NZ retail banking market
21/06/2023
NZ Bankers Association CEO Roger Beaumont gave an indication of the banks’ line of defence, saying they are among the country’s biggest businesses “so their profits look big” and they “also contribute their fair share to New Zealand”.
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