- Former head of the Treasury Graham Scott wrote the association’s submission on the Reserve Bank proposal. He says requiring banks to hold 16 percent capital will cost the economy about $1.8bn a year and could lead banks to pull money out of the country.
- “We differ on the costs of the proposal compared to the benefits. Our banks are already well-capitalised and strong by international comparisons,” said NZBA chief executive Roger Beaumont.
- “The independent economic analysis we commissioned from Sapere in May, and led by former Treasury Secretary Dr Graham Scott, found that the Reserve Bank proposals will cost households, businesses and our economy around $1.8 billion a year.”
- “I’d like to thank the banks and the Bankers’ Association for working with the Government on this initiative which will be implemented in early 2020.”
- “Each Banking Hub pilot will test different ways of adapting to community demand and requirements and services will evolve over time. They will provide different capabilities, with variations in technology and personal service.”
