New Chairman For Bankers' Association

New Chairman For Bankers' Association

The New Zealand Bankers’ Association (NZBA) has elected Mr George Frazis as its Chairman for 2009/10.

Mr Frazis is Chief Executive Officer of Westpac New Zealand Limited.

The new Deputy Chairman of the Association is Mr Charles Pink, Managing Director and Chief Executive of ASB Bank Limited.

Mr Frazis said the banking sector around the world was facing many challenges, and within that, the NZBA had an important role to play.

“Funding costs and the impacts of economic downturn are two major concerns facing banks individually,” Mr Frazis said. “Most encouraging is the collective strength of banks in New Zealand, compared with the sector in many other parts of the world. That strength should be welcomed, and is something the NZBA is ideally positioned to promote.”

The NZBA, established in 1891, is a non-profit unincorporated Association funded by member banks through subscriptions. Membership of the NZBA is open to any bank registered under the Reserve Bank of New Zealand Act 1989. Currently eight registered banks are members of the NZBA.

The governing body of the NZBA is the Council, comprising the Chief Executive of each member bank.

What does the New Zealand Bankers’ Association do?

The NZBA provides those services to members which may be most effectively undertaken on an industry basis.

These services include:-

·         Development of the self-regulatory Code of Banking Practice.

·         Development of co-operative inter-bank procedures and standards for retail payment methods such as direct debits and automatic payments.

·         Collective submissions on public policy and regulation which affect banks, in relation to, for example, taxation, consumer credit, privacy, terrorism and money laundering.

·         Provision of payment statistics from data supplied by members.

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