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