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


Stronger links to global financial market to benefit economy

Financial markets legislation which has passed its third reading in Parliament will contribute to a well-functioning economy by providing New Zealand with continued access to foreign markets, Commerce and Consumer Affairs Minister Kris Faafoi said.

“The Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Bill brings New Zealand into line with international reforms. It will ensure that New Zealand-based financial institutions, which operate in foreign markets, including through the use of derivatives contracts, can continue to do so with confidence.

“This is important because it means New Zealand now complies with reforms to strengthen the operation of international financial markets that were introduced by the G20 and the European Union in the wake of the Global Financial Crisis.

“Stronger compliance with international rules makes it less risky and less expensive for financial institutions, like banks, to use instruments such as derivatives to manage risk when raising funds offshore.

“While this is largely a technical Bill, it has very clear benefits because it avoids substantial economic risks.

“New Zealand consumers and businesses who borrow from banks will ultimately benefit from the Bill. Without it, our financial markets would be less stable and could create instability around interest rates.

“I thank everyone who made submissions and provided feedback during the Bill’s consultation stages.

“As the Bill developed, we wanted to ensure it would work for industry, benefit the economy, and maintain strong linkages with global markets in line with new reforms that strengthen the operation of these markets. I believe we’ve achieved that,” Mr Faafoi said.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Ellen Rykers on The Dig: Community Conservation – The Solution To The Biodiversity Crisis?

There are backyard trapping networks doing their bit for Predator Free 2050, farmers planting native trees along their waterways, and iwi protecting whenua rāhui. There are 62 biodiversity sanctuaries across 56,000 hectares, with around two-thirds of them community-led. There are citizen scientists counting birds in their backyards and landowners conserving habitat in 3,500 Queen Elizabeth II National Trust covenants.

It’s increasingly clear that a government agency alone cannot combat the biodiversity crisis successfully. These grass-roots initiatives are a growing resource in the conservation toolbox. More>>

Closing This Weekend! Have Your Say On The Issues For NZ's New Biodiversity Strategy

Scoop and PEP invite you to help decide how we should protect and restore our biodiversity over the next 50 years using Scoop’s online engagement platform, HiveMind. HAVE YOUR SAY HERE>>

Biodiversity HiveMind Preliminary Progress Report
Open data report summarising preliminary findings of the Biodiversity HiveMind. Read Progress Report Here>>


PM In Japan: Jacinda Ardern’s Remarks Following Abe Summit

Today we discussed a wide range of topics. Broadly the themes were: a deeper, high-value trade and investment relationship, greater cooperation in the Pacific; and strengthening our security partnership. More>>


Replacing All But Chair: Twyford Appoints Five NZTA Board Members

Transport Minister Phil Twyford today announced the appointment of five new members to the NZ Transport Agency Board... There remain two vacancies on the NZTA Board which will be filled in due course. More>>


Climate Change: Adaptation And Risk Assessment Framework Released

“We are already experiencing the effects of a changing climate such as coastal inundation and increasingly frequent and severe droughts, floods, fires and storms. This framework is an acknowledgement that we must start adapting”, James Shaw said today. More>>


Ihumātao: Mana Whenua Reach Decision On Land

Māori King Tūheitia says mana whenua have finally reached consensus over what to do with Ihumātao - they want it back. More>>


PM To Japan, New York: Ardern To Meet Trump During UN Trip

“I’m looking forward to discussing a wide range of international and regional issues with President Trump, including our cooperation in the Pacific and the trade relationship between our countries." More>>

PM's Post-Cab: "A Way Forward"

At Monday's post-cabinet press conference, Prime Minister Jacinda Ardern announced a number of actions in response to the Labour Party's mishandling of sexual assault complaints. More>>


Gordon Campbell: On Allegations Of Left Wing Media Bias

“Left wing bias” accusations date back at least to the mid 1990s... The charge of left wing bias was ridiculous then, and is ridiculous now. More>>

Next Wave Of Reforms: Gun Registration And Licensing Changes Announced

“The Bill includes a register to track firearms and new offences and penalties that can be applied extraterritorially for illegal manufacture, trafficking, and for falsifying, removing, or altering markings – which are a new requirement under the Firearms Protocol.” More>>





InfoPages News Channels