Articles tagged Westpac

Kerry McDonald, a former chair of the BNZ and former National Australia Bank director, argues the current system designed to protect depositors in New Zealand’s big four banks is fundamentally flawed. He cites weak local governance by both the banks' boards and the Reserve Bank, and an unfair system that penalises local savers in any crisis. Like the IMF, McDonald is calling for tougher Reserve Bank regulation and reform of protections for savers.

Updated

For the convenience of email subscribers, here's my weekend column, in which I argue EFTPOS is a national champion that saves NZ Inc hundreds of millions of dollars a year and should not be surrendered in the shift to contactless payments and mobile wallets.

Updated

The Reserve Bank has given more detail around its thinking on the interactions between monetary policy and its new macro-prudential tools, including indicating that the high LVR speed limit could be removed once interest rates have been tightened to 'more normal' levels . Deputy Governor Grant Spencer said the policy was having the same impact on inflation as 25-50 basis points of OCR hikes.