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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news