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Parliament must decide single bank regulator

Parliament, not government, must decide single bank regulator question

Gordon Copeland, finance spokesperson for United Future, said today that no commitment by the government should be made to a single regulator for Australian and New Zealand banks without the specific sanction of Parliament.

“A fundamental issue of national sovereignty is involved here. The banks play a unique role in the economic affairs of New Zealand, and accordingly government must have a clear-cut and compelling case before we allow the regulation of such a sensitive activity to be subsumed by Australia.

“If, at the end of the day, they had such a case, then they should have no fear of taking it to Parliament so that Parliament, rather than the government of the day, makes the final decision.

“I recall the quote attributed to the founding members of the Rothschild banking dynasty. It was along the lines of ‘Let us control a nation’s finances and we care not who writes its laws’.

“So I say again to the government, if you must proceed at all, proceed with great caution. Once made, this decision is irrevocable.”

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