Commerce, Finance & Expenditure
and Regulations Review Select Committees

Tony Ryall’s refusal to cooperate on terms of reference for a balanced banking inquiry led to an important opportunity being lost,” David Cunliffe said today.

The Commerce Select Committee was considering a motion by Mr Ryall for an inquiry into NZ Post’s banking proposal.

“Contrary to Mr Ryall’s assertion, Government Members expressed a strong desire to conduct a banking inquiry which could include consideration of the role of NZ Post’s proposal,” Mr Cunliffe said.

“Government Members requested that Mr Ryall work cooperatively on balanced terms of reference that would include examination of:
- Industry fees and charges
- Customer service levels
- Industry competition
- The impact that a new low cost competitor in personal banking might make.

“This proposal reflects widespread public concern that existing bank fees and margins are too high and the industry structure too concentrated,” Mr Cunliffe said.

“Rather than work on balanced terms of reference for an inquiry Mr Ryall insisted on putting his motion then and there.

“The motion was consequently lost,” Mr Cunliffe said.

“I can only conclude that Mr Ryall was more interested in grandstanding than a serious banking inquiry,” said Mr Cunliffe.

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Gordon Campbell: On the Sony cyber attack

Given the layers of meta-irony involved, the saga of the Sony cyber attack seemed at the outset more like a snarky European art film than a popcorn entry at the multiplex.

Yet now with (a) President Barack Obama weighing in on the side of artistic freedom and calling for the US to make a ‘proportionate response’quickly followed by (b) North Korea’s entire Internet service going down, and with both these events being followed by (c) Sony deciding to backtrack and release The Interview film that had made it a target for the dastardly North Koreans in the first place, then ay caramba…the whole world will now be watching how this affair pans out. More>>