Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Bank workers back Bollard’s message to banks

For immediate release

Thursday 11 December

Bank workers back Bollard’s message to banks: put people before profit

Bank workers’ union Finsec is supporting Reserve Bank Governor Alan Bollard’s call to banks, to “share the pain” and be part of the solution to the current economic situation.

“It is time for banks to put people before profit. Rather than just taking through the public underwriting of deposits and guarantees of wholesale borrowing the banks can be part of a solution to the current economic situation,” said Finsec Campaigns Director Andrew Campbell.

Finsec is calling on the banks to commit to:


1. Stop contributing to rising unemployment. Banks should not cut any more local jobs and give assurances of job security to current bank staff

2. Pass on full OCR reductions to interest rates charged to bank customers

3. Suspend the system of sales targets that pressure staff to sell debt to customers

“Banks have continued to generate massive profits while ordinary Kiwis have paid the price through high interest rates and job losses within the sector.”

“The big four Australian owned banks made combined profits of more than $2.5 billion in the last financial year. They are in a strong position to help get the economy’s wheels turning again. This won’t happen though if they keep laying off staff and prioritising returns to Australian shareholders above our national interest,” said Campbell.

“It is the responsibility of both the government and the private sector to work in unison to develop a shared plan for economic recovery. Banks are part of the problem, and they can afford to be part of the solution,” said Campbell.

Additional information

                    The ORC has been reduced 3.5% since July.

                    Over the course of the year ANZ National bank has announced restructurings that will see around 900 jobs from the New Zealand economy.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO: