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at 9:40 am on April 21, 2021 | 19 comments
In Australia, it just doesn’t do to tell the truth about our ruling classes. Take, for instance, Wayne Byers, chairman of the Australian Prudential Regulatory Authority. As the Hayne Royal Commission exposed banking disgrace after crime in 2019, it became abundantly clear that APRA had completely failed under Byers over the previous cycle.
Yet what happened? Why! He was reappointed in the middle of the HRC, immediately before Justice Hayne turned to condemn APRA ‘s failings. Byers should have been sacked or resigned, as some within the Australian parliament demanded.
Barrett warned the price rises would not last. We expect house prices to unwind in an orderly manner in the coming year despite prices and transactions soaring in recent months. We anticipate that credit losses at New Zealand banks will remain relatively low at about 0.30 percent of gross loans and advances over the next two years.
Barrett said the banking system s reliance on overseas markets for finance left it vulnerable to periods of economic, financial or liquidity distress, such as a sudden drop in house prices. The New Zealand banking system s relatively low level of customer deposits and its sizeable dependence on net external borrowings remain key ratings weaknesses compared with other banking systems.
The outlook for New Zealand s banking system has improved because of the better-than-expected management of the Covid-19 pandemic, while house prices are set to fall, according to a leading credit rating agency.
S&P Global Ratings said the economy had defied predictions of a sharp recession and a slide in house prices through the management of the pandemic and this had cushioned the banking system from an anticipated credit shock.
Photo: RNZ / Claire Eastham-Farrelly Given the fact that New Zealand has done an incredible job of containing Covid . and is still continuing to do better than most developed economies of the world, we would say that is certainly a positive economic influence on the banking system, S&P s financial institutions director Lisa Barrett said.
House prices set to fall, bank losses to remain low msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
We expect house prices to unwind in an orderly manner in the coming year despite prices and transactions soaring in recent months, she said. We anticipate that credit losses at New Zealand banks will remain relatively low at about 0.30 per cent of gross loans and advances over the next two years.
Barrett said the banking system s reliance on overseas markets for finance left it vulnerable to periods of economic, financial or liquidity distress, such as a sudden drop in house prices. The New Zealand banking system s relatively low level of customer deposits and its sizeable dependence on net external borrowings remain key ratings weaknesses compared with other banking systems.