Banks to cease paying dividends, share buybacks - RBNZ

Thu, 02 Apr 2020

The Reserve Bank has agreed with the banks that they won't be paying dividends through the coronavirus crisis or redeeming any type of quasi equity and has included these prohibitions in the banks' certificates of registration."This initiative further supports the stability of the financial system by maintaining higher levels of capital during the period of falling economic activity resulting from the covid-19 pandemic," said RBNZ deputy governor Geoff Bascand, who oversees financial stability for the central bank.The move came after the Europe...

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