Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Govt Must Protect NZers Against Oz Bank Collapses

Government Must Protect New Zealanders Against Australian Bank Collapses

Friday 6th Jul 2001 Stephen Franks Media Release -- Economy

The Government must move to protect New Zealanders from Australian bank collapses, ACT Commerce Spokesman Stephen Franks said today.

"The Deputy Governor of the Reserve Bank has told us the Bank is working on ways to better protect New Zealanders from catastrophe if one of its foreign-owned banks collapses. This is reassuring, thoughtful evidence that the Bank is not sitting on its laurels as one of the world's best and most innovative.

"But buried in the detail is the acknowledgement that we are heavily exposed to the potential for Australian ruthlessness in looking after Australian depositors before New Zealanders get a look-in, after the collapse of an Australian bank. Australia's Banking Act says Australian depositors must be paid first.

"Our Deputy Governor refers to such rules as 'predatory national regulatory practices', and notes that both USA and Australia have them.

"The risk of having to wait for crumbs after Australian depositors should be in large print across the front cover of every bank operating as a branch here in New Zealand.

"Now that the Government has got such a frosty relationship with Australia after reneging on our defence obligations, the risks can come out in the open.

"The Government should pass laws enabling us to freeze Australian assets in the event of an Australian bank collapse, until it is clear that New Zealand depositors would be treated fairly and on an equal footing with Australian depositors.

"There may be other ways of taking precautions but it is not acceptable that the New Zealand Reserve Bank should be without the weapons that will at least ensure they have to be invited to the negotiating table when a major trans-national bank failure is being sorted out.

"The Prime Minister's clumsiness and our own bad faith in defence and other arrangements meant we had to accept the cancellation of our old 'family' status for immigration purposes. The risks from the 'predatory regulations' of Australian banks has been known by government for long enough. Further delay in dealing with it is negligent," Stephen Franks said.

Ends


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Bridges’ ‘Meth Crooks’ Leadership Failure

Back in June, Bridges publicly accepted that Housing NZ had got it wrong, and that the National government had acted upon bad advice.

Now, you’d think this admission would create a broad bi-partisan basis for compensation to those families who had been unfairly evicted, at considerable cost and emotional distress. Some people had lost their possessions in trying to meet the expense of the upheaval.

Not everyone felt so compassionate. More>>

 

General Assembly: Ardern Rejects Trump Call For War On Drugs

New Zealand will not be signing the United States' document calling for global action on the war on drugs, Prime Minister Jacinda Ardern says. Ms Ardern is in New York for the United Nations General Assembly this week, along with about 140 other world leaders. More>>

ALSO:

Pay Equity: Cabinet Funds Deal For Oranga Tamariki Social Workers

The Minister said that an agreement in principle has been reached between Oranga Tamariki and the PSA on a settlement worth $114.6m over five years. More>>

ALSO:

Hunting v Pest Control: Tahr Control Needed To Protect Alpine Habitats

A cull of introduced Himalayan tahr browsing conservation land in Kā Tiritiri o Te Moana/ the Southern Alps is needed to protect special alpine plants and their habitats, Conservation Minister, Eugenie Sage said. More>>

ALSO:

Protest At Sea: Judge Discharges Greenpeace Activists

The judge today discharged Norman and Howell without conviction, saying the cumulative consequences of a conviction would be out of proportion to what was “low level” offending off the Wairarapa coast in April 2017. More>>

ALSO:

No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>

ALSO:

Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels