ANZ tagged posts

NZ Union Calls for More Banking Regulations

January 12, 2010 New Zealand FinanceNew Zealand Taxation

Caution tapeA New Zealand union has called for the government to increase regulations on the banking sector, claiming that the country’s four largest banks paid over 220 percent of their profits in dividends while lowering conditions for workers.

The New Zealand finance sector union Finsec has cried out in protest to ANZ, Westpac, BNZ and ASB banks paying out large dividends while allegedly making jobs redundant, freezing wages and outsourcing work. According to Finsec, the combined profit in 2009 for the four largest banks was NZD790 million, while their dividend issue exceeded NZD1.7 billion.

In a media statement Finsec said that there is a gross misbalance between the amount of protection the banks have provided to their shareholders, and the amount of assistance they have provided towards New Ze...

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Tax Cases Wont Influence Bank’s Ratings

July 23, 2009 New Zealand Taxation  No comments

Both Moody’s and Standard & Poor’s credit rating agencies have affirmed that they will not be changing their outlook on the New Zealand banks involved with tax payback cases.

Following a High Court decision in which BNZ bank was found liable to pay $416 million in unpaid taxes and a possible $238 million in use of money interest, thoughts have been centered around how this would affect the banking institution. ANZ bank, Westpac and the owner of ASB, the Commonwealth Bank of Australia are all also entangled in discussion with the Inland Revenue Department about owed taxes.

Moody’s Sydney-based assistant vice-president Marina Ip stated that while significant, the decision would not see the bank pay more than 60% of its expected yearly pre-tax earnings...

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Tax Cases Wont Influence Bank's Ratings

July 23, 2009 New Zealand Taxation  No comments

Both Moody’s and Standard & Poor’s credit rating agencies have affirmed that they will not be changing their outlook on the New Zealand banks involved with tax payback cases.

Following a High Court decision in which BNZ bank was found liable to pay $416 million in unpaid taxes and a possible $238 million in use of money interest, thoughts have been centered around how this would affect the banking institution. ANZ bank, Westpac and the owner of ASB, the Commonwealth Bank of Australia are all also entangled in discussion with the Inland Revenue Department about owed taxes.

Moody’s Sydney-based assistant vice-president Marina Ip stated that while significant, the decision would not see the bank pay more than 60% of its expected yearly pre-tax earnings...

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Banks Drop Rates in OCR Anticipation

January 15, 2009 New Zealand Finance  No comments

Several prominent New Zealand banks have cut their home loan rates in anticipation of a January 29 Official Cash Rate (OCR) cut.

ANZ National Bank, BNZ and Kiwibank have all cut their home loan rates on the 14th and 15th of January, other banks are expected to follow. It is expected by many that the New Zealand reserve bank will cut the OCR by another percentage point in its next meeting. The current rate is 5%. Westpac bank went so far this week as to predict further post January cuts which will see the rate drop to 2.5% in 2009.

The new speculation of cuts is based on economist’s analysis of the New Zealand economy. Even with upcoming tax cuts, newly installed tax credits and the upcoming “Summit on Employment” aimed at stimulating the economy, many predict stark times ahead.

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