Month: February 2018

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.