National reminds banks of quid pro quo
John Key MP
National Party Leader
31 October 2008
National reminds banks of quid pro quo for guarantee
National Leader John Key has reminded the country's trading banks of their part of the bargain on bank guarantees, as he released his party's transitional relief package in Hamilton today.
"Just as the Government bank guarantee is designed to protect confidence and stability in the economy, I expect the banks to take similar steps to maintain that confidence and stability.
"A Government guarantee has a real and large value to the banking system.
"My expectation is that in light of this, banks will be very careful about the manner in which they deal with customers who may, as a consequence of the global financial crisis, find it hard to meet their obligations."
My Key said he had confidence that the banks will act responsibly.
"I expect the banks to do what they can to show New Zealanders who need it flexibility in the face of tough circumstances, in the same way they have been extended a helping hand by the New Zealand Government," he says.