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RBNZ
RBNZ: The RBNZ also notes that ""Given the current uncertainty... the Reserve
Bank considers that it is unlikely that banks will weaken lending standards to
high risk borrowers. The more likely risk is that banks are overly cautious with
lending to credit-worthy borrowers," Mr Bascand says. The Regulatory Impact
Assessment concludes that removing LVRs now does not weaken the resilience of
the system. Rather, removing LVR restrictions now supports financial stability
by removing one potential obstacle to the flow of credit in the economy, helping
to soften the downturn. The action will also avoid any uncertainty around the
implications of LVR limits from the mortgage deferral scheme. "It is important
banks continue to provide support to credit-worthy borrowers during these
extraordinary times." The decision is effective as of 1 May. The change will be
made via a change in bank Conditions of Registration. "The Reserve Bank will
monitor lending activity and feedback from retail banks over the next 12 months
as the economic impact of the COVID-19 pandemic becomes clearer. While we've
eased the restrictions completely for the next twelve months, we will review the
most appropriate setting for LVRs in a year's time," Mr Bascand says."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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