Author: Philip vanDyk

“It may be that since events like the Canterbury earthquakes more people are holding cash in case of emergencies. They may be keeping it on hand, but not using it for everyday transactions.”

“Our banks operate in a very competitive environment…The speed at which some banks have moved shows just how competitive they are.”

Last year banks spent $7.2 billion on operations and tax. That’s $5.2 billion on operations, employing over 25,000 people and buying local goods and services, all while giving back to our communities through sponsorships and volunteering.

Customer trust and confidence in banks are essential to the industry’s ongoing success. For the last 25 years the Code of Banking Practice has played a crucial role in improving customer outcomes by setting minimum standards in what people can expect from their bank. The new Code aims to build on that solid foundation. It… Read more »

“The good relationship between farmers and their banks is reflected in Federated Farmers’ banking satisfaction survey which consistently finds high levels of satisfaction among farmers,” she said. Banks are responsible lenders and constantly assess the risk on their books, she said.

She said the banks contributed around $6 to 7 billion to the New Zealand economy every year and employed more than 25,000 people. “They spend around $5 billion running their businesses here and pay around $2 billion in tax.”

“What we had thought is that we’d actually covered it under our general principles of fair and reasonable treatment and also our privacy and security principle – it was absolutely always our intention to retain all of the material that had been in our previous code,” she said.