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

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news