Govt Must Ensure Banking Systems Support Timber

PRESS RELEASE BY
New Zealand Timber Industry Federation

Government Must Ensure Banking Systems
Support the Timber Industry

``The loss of 320 jobs at Carter Holt Harvey reflects the 30% slump in domestic timber sales since last year.

``Industry production has already fallen by over 20% with 19 mills having closed since Christmas.

``The government has seen fit to bail out an airline, the railroads and now the banking system. It must now ensure that export industries critical to our economic recovery do not have the rug pulled from under them by the banks.

``If the government is prepared to guarantee the banks liabilities it must now influence what the banks do with the money.

``The government must ensure that the banks don’t take golden guarantees with one hand then on the other make life more difficult for export industries already in strife.

``Part nationalisation of the banking industry carries with it some responsibilities to the nation and keeping our export industries afloat has to be one of them.

``And it’s now time to put a stop to the Emissions Trading Scheme which in its current form will decimate the future supply of wood to our processers.

``In this current crisis we can no longer afford Chardonnay economic policies for Socialists.

ENDS

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