ANZ Bank not quite ready for negative rates

Fri, 30 Oct 2020

ANZ Bank will be ready to cope with negative interest rates by the Reserve Bank's Dec. 1 deadline but is still working towards that, said chief executive Antonia Watson."There's still some work to do. There's way more to it than just systems, a bit like Y2K, there's legal documentation, discussing with clients – the Reserve Bank has acknowledged this is more likely to be in the wholesale space," Watson told BusinessDesk.Asked whether ANZ will start discouraging deposits if rates go negative, chief financial offic...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets

Takeovers Panel probing NZME board coup

However, lawyer says Jim Grenon's board proposal doesn't appear to breach rules.

Rebecca Stevenson 11:00am

World

Producer behind The Matrix and Joker files for bankruptcy

Village Roadshow has been in a costly rights dispute with Warner Bros.

The Wall Street Journal 10:00am

Producer behind The Matrix and Joker files for bankruptcy

Law & Regulation

Former school lunch provider in liquidation

Secret Chef stopped trading in December last year.

Michael Neilson 10:00am

Former school lunch provider in liquidation

Sponsored

The new face of luxury Scotch: Harrison Ford, the Traitors castle and an E-Type Jag

Harrison Ford’s Glenmorangie campaign breaks all the rules.

Glenmorangie Whiskey

Sponsored

Mastering market swings

ETFs can be a "smart" way to build a long-term, diverse portfolio.

Smart

More Finance

Finance

FMA files criminal charges against David McEwen

New Zealand’s financial watchdog has filed criminal charges against former financial adviser David McEwen for allegedly failing to comply with a stop order, which prevented him from contacting potential investors.The Financial Markets Authority (FMA) had made a permanent stop ord...

Staff reporters 2:57pm