Aggregate deposits from survey participants are up 3.9% for the quarter, with 7.0% for the year to date. Total assets also rose by $12.6bn for the September quarter, an increase of 3.5%.
On 23 December 2011 another earthquake struck Christchurch which continues to add to the uncertainty around the timing and extent around the rebuild.
Once again the deleveraging discussed in our previous FIPS quarterlies continues and is perhaps reflected in soft business confidence.
This has translated, together with the effect of Christchurch insurance payouts, in the flattening of lending growth (loans being repaid) and the increase in deposits (funds placed on deposit pending the rebuild).
With an overall economic outlook remaining uncertain, due to the continuation of the economic issues in Europe and the US, our future prospects in the banking sector will in part be determined by the timing and scale of any developments from these regions.
Please contact us if you would like to hear more about this latest FIPS quarterly.