Reserve Bank official raises prospect of intervention over basic bank accounts

Roughly 130,000 without basic banking in NZ. (Image:Wallpaper Cave)

Mon, 29 Sep 2025

A Reserve Bank of New Zealand official has warned of intervention if lenders fail to make good progress introducing basic bank accounts for the most vulnerable customers, once its yet-to-be-decided policy settings for this type of banking are in place.The comment came as banks look ahead to December, when policy decisions on next steps for Council of Financial Regulators (COFR) agencies are due.This followed a now-closed round of consultation led by the Reserve Bank of NZ (RBNZ), which attracted 49 submissions from across the sector.RBNZ said t...

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