This amendment is intended to prevent registered banks “debanking” or withdrawing banking services from New Zealanders, body corporates or companies, whose political views or outlook may not align with the sensibilities of that institution.

This includes the withdrawal or refusal to provide banking facilities and services from businesses on murky ‘environmental, social or governance’ moralising. The New Zealand economy needs everyone and every business to play its part to maintain our status as a first world country. Access to banking services and facilities is fundamental. This Bill removes moralising from banking and leaves decision-making where it ought to be, based on law or for valid and verifiable commercial grounds. This means it is not open slather for persons or companies with poor financial records. It stops good people and companies losing fundamental services because of how they think and what they do. To provide teeth, this bill creates an offence that provides for fines of up to $500,000 for each offence.

This amendment, furthermore, extends protection from debanking to industries that environmental, social or governance rules deem to be undesirable.