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UPDATE 1-RBNZ seeks tougher mortgage rules ahead of rate decision
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NZ cenbank seeking views on proposal to lower risky mortgage lending
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New Zealand central bank finalises bank capital rules
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Set against the backdrop of
an economy healing from 2020’s
annus horribilis,
this week’s Financial
Stability Report (FSR) from the Reserve Bank (RBNZ) was
cautiously reassuring: the country’s financial system is
sound, though vulnerabilities remain.
Banks have
managed to increase their capital buffers, allowing them to
better withstand losses on loans and mortgages, which has
protected the financial system from the pandemic’s
economic fallout. With profits stabilising, the outlook for
New Zealand’s banks is bound to improve
further.
On the other hand, the report expresses
concern about increasing house prices and the strong growth
of mortgage lending. Specifically, the RBNZ worries about