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Banks needed to create jobs for New Zealanders

New Zealand banks needed to create jobs for New Zealanders

Scrutiny of the way overseas-owned banks are run is being welcomed by Progressive MP Matt Robson.

Reserve Bank Governor Alan Bollard told the Institute of Directors yesterday that he is reviewing the corporate governance of overseas banks.

Matt Robson says the review is timely.

“The Reserve Bank has recognised that there are dangers in having banks operated here as mere branch offices of overseas banks. It’s clear that there are concerns because the directors of those banks do not have New Zealand interests as their main concern.

“The Reserve Bank has recognised that New Zealand is almost unique in having so much of its financial sector overseas owned.

“Foreign investment can be in New Zealand’s national interest, but we have 98% of the financial sector overseas owned while no other developed country’s financial sector is more than 60% overseas owned. The balance is not right.

“If we want to ensure we have more jobs and rising prosperity, then New Zealanders need to take responsibility for that ourselves,” Matt Robson said.

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