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

 


Reserve Bank finds banks in good shape

Reserve Bank finds banks in good shape

The Reserve Bank of New Zealand’s Financial Stability Report released today has found that the financial system remains sound and is well placed to support economic expansion.

“The New Zealand banking industry is in good shape, remains strong, and is well capitalised and regulated,” said New Zealand Bankers’ Association chief executive Kirk Hope.

“Recently reported bank returns are a sign of both the industry’s strength and our buoyant economy, especially compared to other parts of the world. That’s good for us at home and our reputation overseas.”

“Maintaining a successful banking sector is important because it supports economic growth by helping fund the needs of businesses and households and providing a safe place for us to save and invest.

“On housing affordability, the Reserve Bank acknowledges that credit growth has remained modest. Bank lending isn’t driving house prices. It’s the lack of housing supply in some parts of the country that’s the problem. The government’s steps to address supply issues will help here.”

The Reserve Bank also said it would review its bank and non-bank regulations to help improve their efficiency, consistency and clarity.

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

“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

 

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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