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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

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