Author: Philip vanDyk

Beaumont applauded local banks for how they managed the outage. “Given the scale of the issue and the global nature of the issue, our banks responded incredibly fast, and were able to affect change and resume normal services relatively quickly for customers.”

“All banks have systems in place to help them comply with their anti-money laundering obligations, including processes to monitor and report suspicious activity. Banks are also subject to continuous supervision from the Reserve Bank of New Zealand.”

“In this case, it appears the local authority is exercising its power under the Local Government (Rating) Act 2002 to collect the rates due. Banks take their obligations to comply with the law very seriously.”

The NZ Banking Association argues higher rates for farmers can be attributed to Reserve Bank rules requiring its members to hold more capital to insulate against losses from riskier rural loans.