(ed:..is is both surprising and disturbing how many of the pre-’08-g.f.c. markers are also clear and present now – and as has been noted elsewhere the banking systems no longer have the reserves to call upon that they had in ’08..
so taking all of these markers into account – (the folding of proposed property developments shouting loud and clear) – the odds are on that it is going to get quite ugly..)
Is it time to batten down the hatches?
It has been smooth sailing for the New Zealand economy this year but there are worrying signs that the big banks are preparing for a storm.
News that BNZ may shed hundreds of local jobs comes as a KPMG report found bank profits fell in the March quarter despite record levels of lending.
Margins are clearly getting thin.
Too thin for at least one West Auckland property development.
This week Jon Sandler – the developer who has pulled the pin on a 91-unit Avondale apartment complex – partially blamed increasingly restrictive bank lending for the move.
Local banks have been given the hard word from their head offices in Australia where they are becoming increasingly nervous – he said.