Author: Philip vanDyk

Kensington’s comparison was a re-run of a defence of bank profits made in 2012 by the New Zealand Banking Association Te Rangapū Pēke, when average bank returns on equity from 2008 to 2012 ranged from 7.5%​ to 16.3%​.

“We often hear about bank profits going overseas,” says chief executive Roger Beaumont. “That’s half the story. Banks also spend a lot of money here and pay a lot of tax. They actually spend more here than they take away in profits.” He says the net positive contribution to the economy is $1.92 billion. “And that’s… Read more »

“Profitable and well-regulated banks are strong banks, and our banks came through the global financial crisis without failures or government bailouts.”

We continue to live in interesting times. Since the arrival of Covid-19 three years ago, provoking an unprecedented response around the world and in New Zealand, nothing seems quite the same. While New Zealand weathered the Covid onslaught relatively well compared to other countries, the economic consequences are still very much with us. Added to… Read more »

The National Party this week called for a short, sharp Select Committee inquiry. The Banking Association welcomed National’s call, which is a pretty good indication of how worried the industry was about it.

“There’s also legislation in the pipeline to help people safely share their banking information with other service providers, which will support even more competition,” Beaumont said.

“The industry would welcome the opportunity to discuss bank profits and the contribution banks make to support the New Zealand economy, households and businesses,” NZ Banking Association chief executive Roger Beaumont said.

“If you wanted to switch banks today you would simply go into the new bank and sign an authorisation form and all of that process would happen behind the scenes within five working days,” said Roger Beaumont of the New Zealand Banking Association.

“The industry would welcome the opportunity to discuss bank profits and the contribution banks make to support the New Zealand economy, households and businesses,” Beaumont said. “There’s also legislation in the pipeline to help people safely share their banking information with other service providers, which will support even more competition.”