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

 


Commission seeks further complainants in farming swaps case

Commerce Commission seeks further complainants in farming swaps case


The Commerce Commission is asking for any remaining rural customers who have concerns with the way that interest rate swaps were sold to them to come forward.

Since mid-2012 the Commission has been investigating alleged mis-selling of interest rate swaps to the rural sector by ANZ, ASB and Westpac between 2005 and 2009. During the course of its investigation, the Commission has received a significant number of complaints from rural customers of those banks.

"We want to ensure that we have received information from all potentially affected customers before we take next steps in this investigation," said Commission Chairman Dr Mark Berry. "We cannot be confident that any compensation sought in Court or that may otherwise be available will be obtainable for customers who have not made contact with us. We need rural customers to come forward and provide information that supports their position, if they want it to be taken into account. We now want to give those who have not been prepared to come forward one further chance to do so.”

The Commission asks all affected customers – of any of the three banks – to contact the Commission before30 May 2014 if they wish their concerns to be considered. Customers can complete the questionnaire on the Commission’s website, or can call the Commission’s contact centre on 0800 943 600.

Background
Interest rate swaps are a financial derivative product that allows a borrower to manage the interest rate exposure on their borrowing. They were typically provided to large corporate and institutional customers, but from 2005 were offered by various banks to rural customers throughout New Zealand.

On 17 December 2013, the Commerce Commission announced that it has advised three major New Zealand banks (ANZ, ASB and Westpac), that it intended to issue legal proceedings over their sales of interest rate swap contracts to rural customers.

In April 2014, the Commission announced it anticipated making a further announcement mid-year, once it has furthered discussions with each bank about the information it holds and any possible resolution of the Commission’s concerns. The Commission has entered into a ‘standstill agreement’ with each bank meaning there will be no barrier to any proceedings brought by the Commission as a result of taking this extra time.

More information about the interest rate swaps case can be found at - http://www.comcom.govt.nz/fair-trading/interest-rate-swaps-2/

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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