Pre-qualification for KiwiBuild homes opened on Monday, with Kiwibank swiftly announcing a new home loan catering to prospective buyers, Thomas Coughlan reports.
The Reserve Bank has just extended the low interest rate track for another year until well into 2020.
New Zealand's banking minnows loaned more aggressively in the first three months of the year, a period advisory firm KPMG noted as showing a deterioration in asset quality which contributed to smaller sector profit. Paul McBeth from BusinessDesk reports.
The Reserve Bank expects big lenders who have been allowed to use their own models to measure their risk exposure will need to dig a little deeper if it goes ahead with plans to introduce a standardised reporting regime. Paul McBeth reports.
A new report shows bank staff are under increasing pressure to sell products such as KiwiSaver, insurance and credit cards to their customers, despite being urged last year to clean up their sales tactics. Nikki Mandow reports.
The Government launched reviews of employment law and climate change law aimed at soothing the nerves of employers and farmers respectively. It appeared to rule out a breakup of the Reserve Bank and started considering introducing a deposit insurance scheme. Better foreign ownership data showed almost 20 percent of property buyers in central Auckland in the last year were not citizens. Documents showed officials advised the Government against its decision to stop issuing new offshore oil and gas drilling licenses, saying it would actually increase emissions because coal would be used instead of gas. The economy may have slowed a bit in the March quarter as construction sector activity and confidence continues to wane. Donald Trump waged trade wars ahead of G7 meetings and his summit with Kim Jong Un.
New Zealand may finally implement deposit protection as part of a review of the Reserve Bank.
The 8 things that mattered this week included big Government decisions on mycoplasma bovis and methamphetamine contamination of houses, the return of Heather 'H2' Simpson to oversee a major and potentially problematic health sector review, fresh criticism of New Zealand as the 'soft-underbelly' of the Five Eyes security alliance, Rob Everett's warning to banks operating at the 'edge of the law', the Law Society's mea culpa in the wake of the #metoo moment at Russell McVeagh, the frustrating weakness in business confidence and the latest turmoil around Donald Trump's trade wars and the eurozone debt crisis.
A gut feeling that banks may not have learned their lesson around prudent lending is holding Reserve Bank governor Adrian Orr back from easing loan to value restrictions, Lynn Grieveson reports.
New Zealand's central bank and Financial Markets Authority so far haven't seen any evidence of "systemic and widespread" misconduct in a review of New Zealand banks, FMA chief executive Rob Everett told parliament's Finance and Expenditures select committee.