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27 Apr 2024

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Major banks compliant with RBNZ Outsourcing Policy
In a significant milestone, the Reserve Bank of New Zealand - Te Putea Matua is pleased to confirm that New Zealand’s largest banks are now compliant with our Outsourcing Policy (BS11)

SBS to offer 5 per cent deposit rate for one year term
SBS Bank has launched a one year term deposit rate of 5 per cent - outstripping the rest of the market as banks slowly lift interest rates on term deposits.Most of the main trading banks are offering 4.4 or 4.5 per cent for a one...

Bank payouts to wronged customers top $109 million in four years
Banks have paid out $109 million in remediation to 952,000 customers after New Zealand regulators reviewed the sector.Last month the FMA revealed nearly half a million life insurance customers have been paid out $43 million in...

Bank profits dip slightly but remain near record levels
Bank profits dipped slightly in the past quarter but are yet to feel much impact from the economic slowdown.Banks collectively made $1.728 billion in the three months to June 30 - just shy of the $1.744b record set in the March...

Continuous Disclosure: How green finance actually works
"Green finance" has become something of a corporate buzz phrase in recent years, as banks and governments increasingly link debt products to sustainability initiatives. The New Zealand Government is even planning to issue "green...

Number of new mortgages issued in June hits rock bottom
The housing market continued to cool in June, according to just-released Reserve Bank of New Zealand (RBNZ) data.Banks issued 14,952 new mortgages, worth $6.1 billion, in June. This was 43 per cent fewer mortgages, worth 29 per...

The Front Page: Will Government act on the calls for more workers?
Hospitals, tech companies, restaurants, construction firms and banks have all been calling on the Government to relax the immigration settings to allow more workers to come in. In the year to April, 8668 more people left than arrived...

European Central Bank raises rates for first time in 11 years
The European Central Bank raised interest rates overnight for the first time in 11 years by a larger-than-expected amount, joining steps already taken by the US Federal Reserve and other major central banks to target stubbornly high...

NZ dollar drops down world currency rankings
The NZ dollar has dropped to 14th place in the world's most traded currency rankings from 10th, according to a Bank of International Settlements (BIS) survey.The triennial survey took place in April and involved central banks and...

More banks move to increase interest rates
Two more banks bumped up their mortgage rates today again in more bad news for borrowers while there are some positive signs for savers with one bank offering 5 per cent interest - the highest rate in some time.Kiwibank and Westpac...

Continuous Disclosure: Central banks won't walk all the talk
Central banks will keep hiking interest rates, but won't follow through on all their tough talk.This is the view of Fisher Funds' chief investment officer Ashley Gardyne, who is among a group of economic observers who believe the...

Six banks to expand regional trial until end of 2023
A regional banking hub trial involving six major banks is to extend until the end of next year and add another four hubs.The trial was launched in November 2020 after an outcry from small towns who had been left with no banking...

Multi-million dollar class action lawsuit against ANZ and ASB to include all affected customers unless they opt-out
Customers who don't want to be part of a multi-million dollar class action lawsuit against the ANZ and ASB banks will have to opt-out if they don't want to take part.The High Court has granted approval for the case to be taken as...

Covid response: Central banks made 'grievous' mistakes says former RBNZ Governor Graeme Wheeler
Former Reserve Bank Governor Graeme Wheeler says central banks made serious errors in the wake of the Covid-19 pandemic which now need to be acknowledged and corrected.In a new research paper co-authored by Bryce Wilkinson for the...