RBNZ targeted at select committee for making banking uncompetitive

ASB chair Therese Walsh and CEO Vittoria Short answer media questions after the hearing. (Image: BusinessDesk)

Thu, 14 Nov 2024

The select committee investigating the banking sector heard for the first time yesterday from submitters who argue the Reserve Bank of New Zealand is stifling competition by requiring banks to hold too much capital.However, the only one of the four Australian-owned banks, ASB, was not taking the bait.ASB chair Dame Therese Walsh and chief executive Vittoria Short swatted away questions from members of the finance and expenditure select committee who pursued the argument, which the Commerce Commission made in its report that found the NZ banking...

Subscribe to BusinessDesk

Unlock access to all stories with this special annual deal for just $99. Sale ends Monday 18 November 2024 11.59pm.

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.
Subscription renews at $349. 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].interval) | 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

Xero 'delivers on strategy' and records 51% earnings rise

Cloud accounting company also exceeded popular rule-of-40 metric.

Rebecca Stevenson 11:45am

Primary Sector

Fonterra not natural owner of consumer business: McBride

Its annual meeting is being held in New Plymouth on Thursday.

Riley Kennedy 11:05am

Fonterra not natural owner of consumer business: McBride

Infrastructure

Antarctica NZ confirms cuts to Scott Base rebuild team

Several roles have been eliminated as part of a project reset.

Oliver Lewis 11:00am

Antarctica NZ confirms cuts to Scott Base rebuild team

Sponsored

Culture strengthens Māori business

Collaboration and culture offer strength in turbulent times.

BDO

Sponsored

Why large format retail may be about to have a moment

LFR offers regular returns with strong tenants and long leases.

PMG

More Finance

Finance

New PPP ‘blueprint’ launched

The Government is releasing a “refreshed blueprint” on the use of public-private partnerships to deliver infrastructure projects.Infrastructure Minister Chris Bishop said this followed extensive engagement by the Infrastructure Commission with Treasury, other public sector agenci...

Staff reporters 13 Nov 2024