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

 

PARLIAMENT TODAY:

Regulators: Govt To ‘Crowd-Source’ Regulatory Advice

A wide-ranging set of reforms is to be implemented to shake up the way New Zealand government agencies develop, write and implement regulations. More>>

ALSO:

Board Appointments: Some Minister Appoint Less The 3 In 10 Women

“It’s 2015 not 1915: Ministers who appoint less than 3 in 10 women to their boards must do better, they have no excuse but to do better,” said Dr Blue. More>>

Gordon Campbell: On The 1990s Retro Proposals For Our Health System

As we learned yesterday, the reviews propose that the democratically elected representation on DHBs should be reduced, such that community wishes will be able to be over-ridden by political appointees. In today’s revelations, the reviews also propose a return to the destructive competitive health model of the 1990s. More>>

ALSO:

Post-Cab Press Conference: Foreign Buyers Register, TPP And Serco

At a press conference today in Wellington, John Key discussed the foreign buyers register as well as the TPP and Serco. Key was questioned on whether a stamp tax might be used as a tool to deal with foreign buyers. More>>

ALSO:

Lyndon Hood Satire: Serco To Outsource Prison To Public Sector

In response to high-profile failings, multinational omnicorporation Serco will introduce public management in its prison system. Serco's New Zealand manager, speaking on condition of anonymity, has announced plans for managers from the Department of Corrections to run the Mt Eden Correctional Facility. More>>

National Party Conference: Plans To Nudge Immigrants Towards Regions

The Government will introduce a package of immigration measures aimed at improving the spread of workers, skills and investment across New Zealand, Immigration Minister Michael Woodhouse says. More>>

ALSO:

Corrections: Serco Relieved Of Control At Mt Eden Prison, Retains Contract

Multi-national private prison operator Serco has been forced to hand back control of Auckland's Mt Eden remand prison to the Department of Corrections, which has used a 'step-in' clause in its contract with Serco following a string of increasingly serious allegations about contraband, prisoner injuries and a death. More>>

ALSO:

Other Experiments: Failing Charter School Stays Open 'For Kids'

Education Minister Hekia Parata says she has given Te Pumanawa o te Wairua in Northland a chance to continue operating because of her concerns about finding other educational opportunities for its students. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news