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

 


Banks supporting economic growth

Media Release
7 May 2014

Banks supporting economic growth

KPMG’s Financial Institutions Performance Survey analysis for the quarter to December 2013 released today has found that New Zealand’s economic development and the banking industry’s strength go hand-in-hand.

“Our strong and stable banking system provides a great platform for economic growth. That growth is possible because banks are providing funding to businesses across a range of sectors,” said New Zealand Bankers’ Association chief executive Kirk Hope.

The strength of our banking industry has been recognised internationally. The World Economic Forum’s Global Competitiveness Report 2013-2014 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 Zealand businesses and households.

The KPMG report also found the banks continued to face regulatory challenges.

“We need good regulation that’s developed in a coordinated and consultative way, is robust, well-targeted and enforced, and is fit for New Zealand conditions.

“We support quality regulation that is well-targeted and enforced. All regulation should achieve a clearly defined purpose without imposing unnecessary costs and unintended consequences on businesses and consumers.

“Banks make a significant contribution to New Zealand through direct investment and facilitating economic growth. Getting regulation right, and striking a balance between new rules and the need to support economic growth, is critical,” Hope said.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news