A 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 ... Read More

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 ... Read More

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 ... Read More

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 ... Read More