The Finance and Expenditure Committee has released its inquiry into banking competition, examining business, rural, and Māori lending as part of efforts to strengthen competition in the sector.
The inquiry follows the Commerce Commission’s 2024 market study into personal banking services and builds on initiatives such as open banking, expanded prudential policy competition, and giving Kiwibank greater scope to raise capital.
It also aligns with the Reserve Bank’s review of deposit-taker capital settings, due by the end of 2025.
148 public submissions were received with hearings held between October 2024 and April 2025, which included the country’s four largest banks. The Government is set to review the report’s recommendations and provide a response with proposed actions by November this year.
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