Parliament

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

 

Bank Deal Anti Competitive And Bad News

Media Release
24 October, 2003

Bank Deal Anti Competitive And Bad News

“The ANZ’s purchase of the National Bank is bad news for consumers and for the New Zealand economy,” said New Zealand First leader Rt Hon Winston Peters.

“As interest and exchange rates continue to climb the concentration of banking services into fewer (and mainly Australian) hands is disappointing,” said Mr Peters.

“Even after the entry of Kiwibank customers are still facing high fees and limited services. The increasing domination of our market by the big trans-tasman conglomerates will do little to improve either. Combined with the reticence of the Reserve Bank to cut the official cash rate the news is bad all round for our productive sector.

“Excessive interest rate margins have been a hall-mark of our so-called competitive market in banking. That market just got less competitive.

“As term interest rates rise ‘hot money’ will be attracted into New Zealand and the resultant speculative purchase of the Kiwi dollar will push exchange rates even higher. How can that be good for our exporters or the economy in general?’ asked Mr Peters.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Spying On Politicians, Activists, Iwi, Quake Victims: "Failings Across Public Service"

A State Services Commission investigation into the use of external security consultants by government agencies has uncovered failings across the public service, including breaches of the code of conduct...

However, the inquiry found no evidence of widespread inappropriate surveillance by external security consultants on behalf of government agencies. More>>

 

Doesn’t Compromise Sovereignty: NZ To Back UN Migration Compact

Foreign Affairs Minister Winston Peters says New Zealand will support the UN Global Compact for Safe, Orderly and Regular Migration after being satisfied fears about the document are unfounded. More>>

ALSO:

Children's Commissioner: Child Poverty Law "Historic Cause For Celebration"

...It represents a cross-party commitment to a fundamental shift of policy for our most disadvantaged children and should help undo 30 years of damage to children from our most vulnerable families. More>>

ALSO:

Dope News: Binding Cannabis Referendum To Be Held At 2020 Election

The referendum on cannabis for personal use is part of Labour's confidence and supply agreement with the Greens. It could be one of potentially three referenda - decisions have yet to be made about euthanasia and changes to electoral laws. More>>

ALSO:

Vic: Victoria University Name Change Rejected

Education Minister Chris Hipkins has declined Victoria University of Wellington Council’s application for a legal name change. More>>

ALSO:

PM's Post-Cab 17/12/18: Chief Justice, M Bovis

Prime Minister Jacinda Ardern's final post-cabinet press conference of the year focussed on announcing the appointment of Helen Winkelmann as the next Chief Justice, and an update on effort to eradicate Mycoplasma bovis from New Zealand. More>>

ALSO:

Law Commission Issues Paper: Use Of DNA In Criminal Investigations

In the 22 years since the Act came into force, it has become clear that the modern-day fingerprint analogy is increasingly inapt... Theoretically, whole genome sequencing could ultimately become the standard method of analysing a DNA sample. Such a development will give a new perspective on the concept of genetic surveillance in the criminal context. More>>

State Highways: $1.4 Billion For Road Safety Improvements

The Safe Network Programme will make 870 kilometres of high volume, high-risk State Highways safer by 2021 with improvements like median and side barriers, rumble strips, and shoulder widening. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels