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

EPA: Board Of Inquiry Rejects Basin Flyover By Majority Of 3 To 1

The independent Board of Inquiry delegated to decide on the Basin Bridge Proposal has, by a majority decision (3 to 1), cancelled the Transport Agency’s Notice of Requirement and declined its resource consent applications for the construction, operation and maintenance of a flyover on State Highway 1 in Wellington City between Paterson Street and Buckle Street/Taranaki Street...

Parties specified under Section 149Q(3) of the RMA now have 20 working days to make comments on minor or technical aspects of the report. More>>

 

Parliament Today:

Red Tape: Local Regulations Go Under Microscope

The Government says it is accepting nearly all of the recommendations the Productivity Commission has made on ways to improve local regulations. More>>

ALSO:

Spending Questions: Claudette Hauiti To Step Aside At Election

National Party President Peter Goodfellow confirms that he has received notification from List MP Claudette Hauiti that she plans to step aside at the 20 September election. More>>

ALSO:

Gordon Campbell: On The Non-Apology To Tania Billingsley

The refusal by Prime Minister John Key to issue a personal apology to Tania Billingsley has been accompanied by an array of excuses... Yesterday though, Key’s choice of words indicated that an apology was the last thing on his mind. More>>

ALSO:

Conventions: Winston Peters On The Nation

Winston Peters opens door to standing in East Coast Bays electorate, says it's an "exciting point" and he's thinking about it. "I’ve had a whole lot of people writing to me and calling up and saying ‘why don’t you have a go in East Coast Bays’." More>>

ALSO:

Waitangi Tribunal: Report On The MV Rena

In its interim report, the Waitangi Tribunal has found that the Crown’s conduct in response to the grounding of the MV Rena on Otaiti (Astrolabe) reef breached the principles of the Treaty of Waitangi. More>>

ALSO:

Gaza: Wellington Protest For Palestine Calls For End To Bombing

Around 300 people gathered outside the Israeli Embassy in Wellington on Friday to protest Israel’s occupation of Palestine. More>>

ALSO:

Gordon Campbell: On The Failure To Prosecute The GCSB

So one hand of the state – the Independent Police Conduct Authority – has now washed the hands of its brother agencies, and declared that all hands are clean. Case closed. More>>

ALSO:

Illegal Search: Police Behaviour 'Reminiscent Of Tūhoe Raids'

"Māori will lose further trust and confidence in the New Zealand Police and the Independent Police Conduct Authority (IPCA) if the recent incident in Stratford is not adequately addressed. This behaviour would not occur in Epsom or Khandallah so why should police think that such behaviour was acceptable in Stratford," says Chris McKenzie. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news