- A New Zealand Bankers’ Association spokesperson said banks were constantly responding to customer preferences but they weren’t seeing “that kind of demand” for sharia-compliant loans.
- New Zealand Bankers’ Association chief executive Roger Beaumont said banks were already working hard to implement the recommendations of the Reserve Bank and Financial Markets Authority’s review of bank conduct and culture.
- The New Zealand banking industry is living in interesting times. In 2019 the three C’s – conduct, culture and capital – dominated our landscape. Where have we got to and what’s coming up?
- The move surprised the NZ Bankers’ Association, which has been working on its own industry-wide scheme to provide an independent alternative to the banks’ current whistleblowing services.
- The Bankers Association says with 14 retail banks, people should shop around. It also says banks work with people with poor credit history to try and improve it, but accounts are never closed without good reason.
- “Banks are at different development stages in this area. It’s important we get the foundations right to ensure good customer outcomes. That includes making sure customer data is kept secure and there’s clarity on liability in case of any breach.”
- “Today’s announcement provides our banks with certainty on the amount and type of capital they will need to hold in future, and brings an end to a robust consultation,” says New Zealand Bankers’ Association chief executive Roger Beaumont.
- Citing an economic review, NZBA has said lifting the capital requirements would have economic welfare costs of $1.8 billion a year and that it would disproportionately affect agricultural, small business lending, and savers.
