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


Opportunity for much-needed banking inquiry



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.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Key In NY: Prime Minister Addresses United Nations

Prime Minister John Key has addressed the United Nations General Assembly in New York, focusing on a call for action in Syria and on other conflicts, reform of the veto process and on the UN’s Sustainable Development Goals. More>>.


Gordon Campbell: On The Lack Of Accountability Over Philip Smith

In New Zealand, accountability is an exotic creature rarely glimpsed at ministerial level, or among senior management. The flight to Rio by the paedophile /murderer Philip John Smith/Traynor is no exception. More>>


More On Corrections

Gordon Campbell: On Putin’s Diplomatic Coup Over Syria

There’s a simple historical precedent for what is occurring in Syria. During WWII, the Allies joined forces with a known butcher and tyrant – Joseph Stalin of the Soviet Union – in order to defeat a greater evil, Nazi Germany… More>>


Key 'Didn't Know': Brownlee Seeks Pandas In China

While Defence Minister Gerry Brownlee is in China pushing a taxpayer funded deal to bring two pandas to New Zealand, the country’s military look set to be hit with a pay freeze, Opposition Leader Andrew Little says. More>>


Scoop Business: GCSB Willing To Extend Cyber-Attack Programme To Local ISPs

The Government Communications Security Bureau’s ‘Cortex’ cyber-security programme has been successful in helping identify and mitigate a series of cyber attacks since its introduction and an extension to cover local internet service providers is still on the cards... More>>


Gordon Campbell: On The Chris Brown Furore

Thank goodness Dame Tariana Turia has been able to inject a bit of common sense into the Chris Brown visa issue – her argument being that forgiveness has a place in this decision, and there is an opportunity here that should be taken... More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news