Parliament

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

 

Opportunity for much-needed banking inquiry

Damien

O’CONNOR

Spokesperson for Primary Industries

20 February 2013 MEDIA STATEMENT
Opportunity for much-needed banking inquiry

A Parliamentary Select Committee will tomorrow consider a request from Labour’s Primary Industries spokesperson Damien O’Connor to hear from parties involved in the controversial banking loans swaps issue.

“This is a serious issue that needs careful consideration because it has major implications for primary sector financing where debt currently runs at close to $50 billion,” Damien O’Connor said.

“Recent claims that the wine sector may have also been adversely affected indicate the practice of selling complicated finance products to farmers has been far more extensive than previously stated.

“One bank - Rabobank - has said publicly that it believes these swaps are inappropriate for individual farmers. (See attached letter)

“While the Commerce Commission is investigating and considering evidence from a number of farmers from throughout New Zealand, the issue is hugely complex and deserves a far more comprehensive investigation.

A similar inquiry in the UK by its Financial Services Authority has resulted in hundreds of millions of pounds being set aside by banks for compensation.

“I hope the collective wisdom of the select committee will support the need to hear from farmers affected by the loans and allow the banks to respond.”


ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Ch-Ch-Changes At IRD

job cuts aren’t happening at the IRD, exactly. Instead, there’s apparently a ‘transformation’ in store, and jobs won’t be axed ; no, they will be ‘transformed’ before our eyes into… non-jobs, if you happen to be among the unlucky legion of 1,900 who are being lined up for transformation, which seems to work rather like a secular version of the Rapture.

Except that at IRD, not even your shoes will be left behind. More>>

 

Christchurch Mental Health: Hospital Too 'Awful' For Reviewers To Visit

Jonathan Coleman has to stop the stalling over a new building for mental health services in Christchurch to replace the quake damaged Princess Margaret Hospital, says Labour’s Health spokesperson David Clark... More>>

ALSO:

Greens Call For Govt Action: Children Sick Because Of NZ Housing

The Royal Australasian College of Physicians president-elect said today that children with preventable respiratory illnesses are being re-admitted to hospital because they're being sent back to cold, damp homes. More>>

ALSO:

Less Tax Cut, More Spending: Labour Launches Fiscal Plan

“Labour will invest $8 billion more in health, $4 billion more in education and $5 billion more for Kiwi families through Working for Families, Best Start and the Winter Energy Payment than the Budget 2017 projections for the forecast period.” More>>

ALSO:

Gordon Campbell: On The Greens’ Room For Political Pragmatism

The Greens here are currently being criticized by the commentariat for not making the same kind of pragmatic choices that sunk the Democrats in Australia. More>>

Gordon Campbell: On Being Humane About Welfare, Child Support, And Tax

It made for an unusual Venn diagram, but Greens co-leader Metiria Turei and Finance Minister Steven Joyce were briefly sharing some common elements this week in the set that says – hey, don’t use the powers of the state in ways guaranteed to make the system you’re trying to defend worse, not better. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election