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Dunne Does U-Turn on Loan Sharks for Political Safety

Rt Hon Winston Peters
New Zealand First Leader

10 April 2014

Dunne Does U-Turn on Loan Sharks for Political Safety

United Future leader Peter Dunne is putting his own political future first by refusing to support amended legislation that will at last hobble loan sharks, the scourge of the poor and low paid.

“It comes down to one vote and that vote is Peter Dunne’s – with his vote we can deal a blow to loan sharks by putting a cap on the interest rates they charge, but Peter Dunne has done a U-turn with his support to save his political skin,” says Leader Rt Hon Winston Peters.

“Peter Dunne says he never supported an interest rate cap,” says Leader Rt Hon Winston Peters.

“That’s not the case. In 2010 Dunne voted for a Credit Reforms (Responsible Lending) Bill that included an interest rate cap. When it failed he stated in a letter to a United Future member that he had supported the bill and was very sorry it did not proceed.

“He added that he hoped for more progress on the issue,” says Mr Peters.

“There is now progress on regulating loan sharks but he has backed away from supporting it. That’s because he is siding with the Government to ensure his political future.”

The Government has produced a weaker bill, the Credit Contracts and Financial Services Law Reform Bill, to regulate loan sharks, but it does not include an interest rate cap, says Mr Peters.

“However, Labour has an amendment that will put an interest rate cap in the bill. This is what Peter Dunne is refusing to support.

“Peter Dunne has not only let his party members down, he is leaving many vulnerable families in the hands of greedy loan sharks,” says Mr Peters.


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