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Truck crash snarls traffic on Northwestern motorway

Truck crash snarls traffic on Northwestern motorway

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NZSIS: Kiwis should remain vigilant to potential terror attacks
Director, Master of Conflict and Terrorism Studies, University of Auckland, Dr Chris Wilson on the new NZSIS report calling for Kiwis to help to help spot bad actors.
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Banking Inquiry: ACT Welcomes Calls To Boost Banking Competition, Support Rural Borrowers
Banking Inquiry: ACT Welcomes Calls To Boost Banking Competition, Support Rural Borrowers

Scoop

time2 hours ago

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Banking Inquiry: ACT Welcomes Calls To Boost Banking Competition, Support Rural Borrowers

ACT Rural Communities spokesman Mark Cameron and Finance spokesman Todd Stephenson have welcomed the release of the select committee report into banking competition, saying it vindicates ACT's long-standing calls for reform. 'At the inquiry, we heard from borrowers across regional New Zealand who shared their experiences of being shafted with worse terms than their rural cousins,' says Mr Cameron, who led the rural arm of the inquiry. 'The inquiry's findings confirm what ACT and rural Kiwis have been saying for years: borrowers in the heartland are under strain, and we need better competition and choices, not just the Big Four. It is blindingly clear that we need to expunge red tape that holds smaller and regional lenders back.' 'The report tackles the cost and complexity of woke banking regulations, specifically climate-related disclosures. The Financial Markets Authority forces banks to track the emissions of their borrowers, and the losers are farmers and miners who try to get their hands on capital, only to be judged on the obscure terms of the green agenda. Scrapping these rules, or at least bringing transparency to how banks are using them, would give basic respect to the men and women who grow our food and power our economy.' The report recommends: 'We recommend that the Reserve Bank require banks to provide greater clarity around interest rates connected to any natural hazards, climate-related disclosures, and green lending products.' 'ACT strongly agrees with the report's recommendations on capital requirements,' says ACT Finance spokesperson Todd Stephenson. 'The Reserve Bank's capital rules are among the strictest in the world. Even if the big players can handle the rules, they're a major barrier for new entrants and regional banks. ACT has said since 2019 that excessive capital requirements hurt competition, raise borrowing costs, and make life harder for small businesses and rural borrowers.' The report recommends: 'We recommend that, effective immediately, the Reserve Bank cease the planned incremental increases to capital requirements.' and 'We recommend the Reserve Bank review the capital requirements for rural lending and that any changes are monitored and publicly reported on.' ACT welcomes specific recommendations to revisit risk-weighting models, review initial capital thresholds, and improve oversight of the Reserve Bank's prudential role. 'We support restoring a focus on market efficiency and transparency at the Reserve Bank. The rules should make innovation and competition easy,' says Mr Stephenson. 'ACT also backs the report's calls to lower barriers for fintechs and overseas banks, streamline overlapping regulations, and simplify the regulatory environment for smaller lenders. These are common-sense changes that ACT has pushed for over many years. Now it's time for regulators to act. We'll be watching closely to see recommendations turn into results for firms, farms, and families.'

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