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

 


Commerce Commission to lay charges over swaps

Media Release

17 December 2013

Commerce Commission to lay charges over swaps

Having written to the Commerce Commission last November and encouraged members affected by interest rate swaps to contact the Commerce Commission, Federated Farmers welcomes the Commission’s decision to put the matter before the Courts.

“Having fielded calls from concerned farmers over recent years, we formally wrote to the Commerce Commission in November 2012 requesting that they look into the selling of interest rate swaps,” says Bruce Wills, Federated Farmers President.

“Now we have the news that the Commission has found there is a case to be answered under the Fair Trading Act.  Legal proceedings are to be filed in the New Year against ANZ Bank, ASB and Westpac.

“Some of the debt instruments sold to farmers have been highly complicated to say the least.  In both 2009 and 2010, we mentioned problems with swaps in various submissions, including to the Opposition’s Banking Inquiry and the Review of the Banking Code of Practice.

“This was why we felt the Commerce Commission was best placed to properly investigate them and its decision today vindicates this faith.

“The Commission looked at swaps from the perspective of the Fair Trading Act 1986.  This includes misleading and deceptive conduct in trade such as false and misleading representations.

“In this case the Commission is looking at potential breaches of sections 9, 11 and/or 13.

“Federated Farmers supports the Commerce Commission in wanting to hear from farmers adversely affected by swaps.  They can contact the Commission on 0800 943 600.

“We believe the case, when it comes before the Courts, will help to resolve what has been controversial to say the least.  It will also be a good opportunity to remind the entire financial industry of its wider obligations,” Mr Wills concluded.

Federated Farmers letter to the Commerce Commission (November 2012)

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news