- New Zealand’s banking sector has spent roughly $90 million getting ready for a new anti-money laundering and terrorism financing law which kicks in at the end of next month.
- Bankers Association chief executive Kirk Hope said banks could live with a differential for first-home buyers, but any restrictions on bank lending might simply drive home buyers to more risky unregulated lenders.
- Chief executive Kirk Hope said, “We all have a role to play in the new anti-money laundering regime … This is about New Zealand’s international reputation and fighting crime.”
- Chief executive Kirk Hope said house prices were not being spurred along by looser credit conditions as the Reserve Bank claimed. Credit growth was running at about 3 per cent. “This isn’t a credit-driven price issue, it’s a supply-driven price issue,” he said.
- New Zealand Banker’s Association chief executive Kirk Hope said banks were now asking tougher questions of customers, particularly concerning their identity, and closing accounts if necessary.
- The Reserve Bank’s use of so-called macro-prudential tools to dampen a credit boom or bubble would ultimately see borrowers paying their banks higher loan rates, analysis commissioned by the New Zealand Bankers’ Association says.
