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… Read more »
Month: June 2023
Rising threat of bad loans pushes bank profits down for first time in almost two years
“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.”
Bank profits fall to lowest level in 18 months
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.
Consultation: Draft advice on the second emissions reduction plan (2026 – 2030)
Climate Change Commission
‘It doesn’t mean we hate you’: Commerce Commission Chairman John Small on banking, market studies and why he joined the competition watchdog
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.”
New Zealand launches inquiry into Australian-dominated banking sector
“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.”
Culture and conduct not part of bank competition study
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.
Australian banks face the wrath of New Zealand’s competition regulator
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.
Inquiry into competitiveness of NZ retail banking market
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”.
Banking sector welcomes CommComm study, stands by its practises
Banking Association Chief Executive Roger Beaumont told Mike Hosking the banking sector welcomes the study and stands by its practises.
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