Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Sound banks support economic growth

EMBARGOED UNTIL 6:00AM ON TUESDAY 4 MARCH 2014

Sound banks support economic growth

New Zealand banks continue to be strong and stable according to KPMG’s Financial Institutions Performance Survey for the 2013 financial year.

“Our banks are among the best funded and regulated in the world, and highly competitive. That’s good for New Zealand households, businesses and our economy,” said New Zealand Bankers’ Association chief executive Kirk Hope.

“The solid performance of our banks helped us get through the recession and is supporting our economy as we move into a period of growth.”

The KPMG report reflects the findings of the World Economic Forum’s Global Competitiveness Report 2013-2014 which rated New Zealand banks as the second most sound in the world after Canada.

“This is important because it helps our banks borrow money from overseas at good rates which can be passed on to New Zealanders,” said Hope.

The KPMG report found that despite lower funding costs, intense competition among banks has eroded the additional margin and effectively passed savings onto borrowers.

“Profitability is an important part of the banking sector’s strength. These returns allow banks to continue to invest heavily in New Zealand.

“In 2013 banks made a direct contribution to the New Zealand economy of $4.5 billion by running their businesses here and employing over 25,000 people. On top of this banks paid $1.5 billion in tax,” Hope said.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news