Loan data correction

The New Zealand Bankers’ Association has discovered and corrected a reporting error in lending data published on its website.

The error relates to data classification and resulted in some movement, both up and down, across the data categories.

Of particular interest, banks have lent $5.9 billion in new loans to business since 26 March instead of the previously reported $6.9 billion.

“We sincerely apologise for the error. We have clarified the data classifications and are confident that future reporting will reflect an accurate picture across the sector,” says New Zealand Bankers’ Association chief executive Roger Beaumont.

The consumer and business lending data can be found under the Covid-19 section here: