Parliament

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

 

Swaps scheme under closer scrutiny

Damien O’connor
Spokesperson for Primary Industries

21 February 2013

Swaps scheme under closer scrutiny

Hard-sell banking practices, which have forced a number of Kiwi farmers to quit their land, will come under further scrutiny after Parliament’s Primary Production Committee said today it wanted a full briefing from the Commerce Commission on the issue.

“The Commerce Commission is currently assessing information it has on interest rate swaps deals,” Labour’s Primary Industries spokesperson Damien O’Connor said.

“However, given the growing number of farmers forced into these agreements who are now facing huge financial pressure the issue deserves wider scrutiny.

“Under the loans swap scheme farmers are locked into high interest rates they can't escape unless they pay hefty break fees

“Banks seem to have been extremely vociferous in the way they sold these packages. The committee would be remiss if it didn’t follow through to ensure the primary sectors have not been unfairly disadvantaged through loans swaps.

“I am pleased we now have begun parliamentary scrutiny into a very big and significant issue for the banking, and primary sectors.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Boat Race Won:
PM Congratulates Team NZ

Prime Minister Bill English has congratulated Emirates Team New Zealand on the Kiwi leadership, teamwork, and technological brilliance that enabled it to regain the America’s Cup.

Team NZ won the first of two races scheduled in Bermuda this morning to defeat Oracle Team USA 7-1 in the first-to-seven series.

“I would like to congratulate chief executive Grant Dalton, helmsman Peter Burling, skipper Glen Ashby and the rest of the team, both on the boat and on shore,” Mr English says. More>>

 

PM's Press Conference: Red Socks And Secret Tapes

Prime Minister Bill English began his post-cabinet press conference by explaining how well the National Party's annual conference went. He also mentioned today's announcement of changes to the EQC disaster insurance legislation and wished Emirates Team New Zealand well in the America's Cup. More>>

Max Rashbrooke: On How To Make Government More Open

International surveys, while often complimentary, have also pinpointed major weaknesses: political donations are badly regulated, for instance, and appointments to government boards frequently go to those with strong political connections. More>>

In Court: Hamilton Student's Lawsuit Over Climate Change Policy

A law student from Hamilton is preparing to challenge the Government in the High Court on Monday over what she says is a “failure” to properly address climate change. More>>

ALSO:

Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement. As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election