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Armourguard Welcomes Reserve Bank Support Of Sustainable Cash System
Armourguard Logistics Limited (“ALL”) welcomes the Reserve Bank of New Zealand’s submission to the Commerce Commission, which reinforces the critical importance of maintaining a financially viable cash-in-transit (CiT) sector to support New Zealand’s cash economy.
The Commerce Commission has received an application from the New Zealand Banking Association (NZBA) seeking authorisation to engage in collective bargaining over CiT services with Armourguard — the country’s last remaining service provider.
In its submission dated 10 October 2025, the Reserve Bank recognised that the long-term resilience of the cash system depends on the continued sustainability of service providers such as Armourguard, noting that collective bargaining by the banks could increase pressure on this essential infrastructure. The Reserve Bank expressed a clear preference for a utility-like pricing model — similar to that implemented by ALL — as the most effective way to ensure safe, efficient, and resilient cash services across the country.
Shane O’Halloran, Chief Executive of Armourguard Logistics, said:
“The Reserve Bank’s position reflects a shared concern about the fragility of the cash system and the need for a stable commercial framework that supports public access to cash. Armourguard has invested heavily in modernising and integrating national operations to deliver a secure, reliable, and sustainable service. We are encouraged by the Reserve Bank’s recognition that this transition must be supported, not undermined.”
Mr O’Halloran added that ALL remains committed to working collaboratively with regulators, banks, and other stakeholders to implement a transparent, cost-reflective pricing model that aligns with the Reserve Bank’s financial stability objectives and ensures the long-term resilience of New Zealand’s cash infrastructure.
About Armourguard Logistics (ALL)
ALL is New Zealand’s sole nationwide provider of cash-in-transit and cash processing services. With decades of experience, ALL serves communities, businesses, and financial institutions by ensuring secure access to cash. The company is committed to resilience, transparency, and reinvestment in New Zealand’s essential cash infrastructure.
Confidential - Not for Public Consumption or Distribution
Notes:
Public submissions on the NZBA application can be sent by email to registrar@comcom.govt.nz with the reference ‘NZBA Cash In Transit’ in the subject line. Any submissions should be received by close of business on 6 October 2025.
The full application can be read here: https://www.comcom.govt.nz/case-register/case-register-entries/new-zealand-banking-association/
The Reserve Bank’s submission can be read here: https://www.comcom.govt.nz/assets/Documents/timeline/Reserve-Bank-of-New-Zealand-Submission-of-Statement-of-Preliminary-Issues-10-October-2025.pdf
The statutory deadline for making a determination on this authorisation is 25 March 2026.
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