Organisations that carry out business in New Zealand are required to report inactive accounts under the Unclaimed Money Act 1971.
Month: June 2019
Credit Contracts Legislation Amendment Bill
Finance and Expenditure Committee
New Zealand’s farm debt is close to $63 billion – a new bill seeks to ease the financial burden
NZBA said banks know the role farmers play in the economy and that it’s important they succeed.
NZBA welcomes farm debt mediation announcement
The New Zealand Bankers’ Association today welcomed the government’s announcement that it will introduce a bill to set up a farm debt mediation scheme. “Banks are responsible lenders that take a long-term view to the rural sector. They know the vital role farmers play in the economy and that it’s important they succeed,” says New… Read more »
‘Hidden’ currency conversion fees costing Kiwis billions
“International money transfers made from a banking app or by internet banking usually include a fee to cover other overseas bank costs. And there will also be an exchange rate conversion fee if sending money in a currency other than New Zealand dollars.”
Federated Farmers says quoting bank lobby group CEO on RBNZ bank capital proposals in farmer banking survey part of ensuring balance
The Federated Farmers press release has NZBA CEO Roger Beaumont saying NZBA analysis shows the Reserve Bank’s proposal to “almost double” capital requirements will have a net cost to the New Zealand economy of $1.8 billion a year.
Options paper: Conduct of financial institutions
Ministry of Business, Innovation and Employment
Farmer satisfaction with banks slips further
New Zealand Bankers’ Association chief executive Roger Beaumont, who is pleased to see most farmers remain satisfied with their bank, said he expects RBNZ’s capital requirements proposal to a net cost to the New Zealand economy of $1.8 billion a year.
Farmers less happy with banks and RBNZ capital requirements signaled as a factor
Federated Farmers cited the NZ Bankers’ Association’s estimate that the Reserve Bank’s proposals would cost the economy $1.8 billion.
New Zealand’s banking sector inching close to warfare
NZBA has denied suggesting that the government should ever bail out the banks, saying that instead an independent report merely speculated that in the event of a bank failure, a government would be reluctant to allow customers to take a haircut on their deposits.
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