The Prime Minister has taken aim at the chief executives of New Zealand’s largest banks saying it was 'utterly unacceptable' that some were withdrawing banking services from petrol stations and mines.

Chris Luxon joined Mike Hosking earlier today to explain that the banks needed to keep funding businesses Kiwis need to keep moving forward - and expressed concern at rural petrol stations in particular losing their funding.

Massey University banking expert Claire Matthews says the Government has the option to put regulations in place to reverse these changes - but warned this choices comes with consequences. 

"If the Government starts telling the banks what they have to do, then it's very much open to the banks to say - actually, it's too complicated, you're dictating too much what we can and can't do... the reality is, the New Zealand market is not that important to us, we're going to withdraw."

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The Prime Minister has taken aim at the chief executives of New Zealand’s largest banks saying it was 'utterly unacceptable' that some were withdrawing banking services from petrol stations and mines.
Chris Luxon joined Mike Hosking earlier today to explain that the banks needed to keep funding businesses Kiwis need to keep moving forward - and expressed concern at rural petrol stations in particular losing their funding.
Massey University banking expert Claire Matthews says the Government has the option to put regulations in place to reverse these changes - but warned this choices comes with consequences.&nbsp;
"If the Government starts telling the banks what they have to do, then it's very much open to the banks to say - actually, it's too complicated, you're dictating too much what we can and can't do... the reality is, the New Zealand market is not that important to us, we're going to withdraw."
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

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Claire Matthews: Massey University banking expert on the Government critiquing the banks' withdrawal of lending to petrol stations

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/3f9b3e84-0285-4980-af58-b27a0063819b/transcript