Earlier this week European banks announced they will be suspending dividends. If the banks are to receive bailouts from the central banks, this will likely follow in other countries.
RBNZ today announced it has agreed with the banks that during this period of economic uncertainty there will be no payment of dividends on ordinary shares.
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Downside risks remain for Australian banks and we identify short term resistance in ANZ as an example of the price pattern playing out across the sector.
