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27 Jul 2024

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Challenge to banks the way to go
A government enquiry into rural banking will generate a lot of headlines over the coming year but is unlikely to disrupt the “cosy” banking oligopoly lending to New Zealand farmers

Here’s what NZ banks are planning to do with mortgage rates
Economists say borrowers could be in a much more comfortable position this time next year.

Federated Farmers put banks on notice
Federated Farmers have released the results of their latest banking survey and the findings paint a damning picture of the state of rural lending

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 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...

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...

BNZ follows other major banks and trims home loan rates
The bank has reduced interest rates on all of its classic home loans - where a customer has at least 20% equity - by between 16 and 30 basis points.

'Absolute plunge in business profits' could be just the start of downturn - economist
New Zealand's Reserve Bank is more tolerant than other central banks of business failure and job losses, Shamubeel Eaqub says, but businesses are "running out of cash".

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...

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...

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...