KPMG’s Financial Institutions Performance Survey (for the quarter to December 2015) released today has found that New Zealand’s banks remain resilient and that the local economy continues to be buoyant, despite uncertainty in the global economic environment.
The New Zealand Bankers’ Association (NZBA) says that banks continue to manage their businesses well, and that helps support New Zealand’s economic growth.
“A strong and resilient banking system helps underpin New Zealand’s economic growth and well-being. Banks contribute to that growth by providing financial services to New Zealanders and busineses across a range of sectors,” said New Zealand Bankers’ Association acting chief executive Antony Buick-Constable. “The industry’s strength also enables our banks to provide continued support to the dairy sector through current challenges.”
The KPMG report showed that competition remains intense across the banking industry.
“Our banks are highly competitive and are managing their operating costs effectively. Customers currently benefit from historically low interest rates,” said Buick-Constable.
The report also found that banks continued to face regulatory challenges.
“New Zealand has strong regulatory oversight, and our banking sector is committed to working constructively with government and regulators to help ensure the best outcomes can be achieved. As an industry, we are very focused on playing our part toward maintaining a strong and stable banking environment,” added Buick-Constable.
Government Administration Select Committee
New Zealand Police Financial Intelligence Unit
Inland Revenue Department
ANZ Bank New Zealand CEO David Hisco has been elected chair of the New Zealand Bankers’ Association (NZBA) for 2016/17. Westpac New Zealand CEO David McLean was also elected deputy chair.
Mr Hisco takes over the position from Bank of New Zealand CEO Anthony Healy, who was chair during the 2015/16 financial year.
NZBA’s acting chief executive Antony Buick-Constable said, “The NZBA provides a forum for member banks to work together on non-competitive industry issues, which include helping to maintain the balance between workable regulation and economic growth.”
He said New Zealand had one of the soundest financial systems in the world, which was critical in the current volatile international environment.
“New Zealand’s banks are well capitalised and regulated. That’s vital for the functioning of the New Zealand economy – banks play an important role in helping people to buy homes, start new businesses, grow companies, employ people, and plan for retirement,” Mr BuickConstable added.
Established in 1891 the NZBA has 15 members, all of which are banks registered under the Reserve Bank of New Zealand Act 1989. Its governing body is its council, comprising the chief executive of each member bank. In addition, the NZBA has seven affiliate memberships with other organisations involved with the banking industry.