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The RBNZ delaying moves to level capital playing field with Aussie owned banks disappoints NZ owned banks, and exclusion from the Funding for Lending Programme disappoints building societies and credit unions

The RBNZ delaying moves to level capital playing field with Aussie owned banks disappoints NZ owned banks, and exclusion from the Funding for Lending Programme disappoints building societies and credit unions

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3 Comments

Can somebody please remind Orr that he is a public servant supposed to work for the benefit of the whole of NZ, and not just for the Aussie-owned banks and the NZ Property Investors Federation ?

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Mr. Orr & teams, are independent expert like beating the Covid19, this five million teams should support the RBNZ & govt, more things to do and have to be done quickly. NZ OZ Banks are all highly responsible lender.
Next to do by RBNZ: relaxing FLPs into housing, more QEs/LSAP, cut OCR more as inflation still 'below target'
Next to do by Govt: never freeze rents again, remove bright line test, increase the flexi-wages subsidy, encourage RBNZ & OZ Banks to never mention about LVR again (dreadful for the economy) and ensure the Banks that those Kiwis in subsidy scheme are all allowed to participate in the housing loan scheme. Our recent published debt figure, is clearly showing more room for further debt, remember when all scarred to invest? - this is the once in century/life time opportunity for RBNZ & current NZ govt. to move sooner before the OZ beat us again

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A reminder from the RBNZ Act. "1A Purpose
(1) The purpose of this Act is to promote the prosperity and well-being of
New Zealanders, and contribute to a sustainable and productive economy,
by providing for the Reserve Bank of New Zealand, as the central bank,
to be responsible for—
(a) formulating and implementing monetary policy
directed to the economic objectives set out in subsection (1A),
while recognising the Crown’s right to determine economic policy; and......."

"169 Bank to exhibit sense of social responsibility It shall be an objective of the Bank to exhibit a
sense of social responsibility in exercising its powers under this Act"
I leave to you as to how well they are doing.

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