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


Massive jump in foreign bank profits

16 November 1999

Massive jump in foreign bank profits

Profits made by foreign investors in New Zealand banks have leapt to more than $2 billion, the Green Party has revealed.

Party Co-Leader Rod Donald released the figures to coincide with the launch of the Green Party's economic manifesto "Thinking Beyond Tomorrow" at the Wellington Town Hall Council Chamber Foyer at 12.30 today.

He said figures obtained from Statistics New Zealand showed that in the year to 30 June 1999, overseas investors in New Zealand banks made a profit of $2,326 million, up from $674 million in the year to 30 June 1998. The figures do not include profits accruing to any New Zealand investors.

"The actual dividends paid out overseas were $1,372 million," said Mr Donald. "The other $954 million was reinvested in the banks - building the asset value of the investors.

"The huge dividend payout is a significant factor in our rapidly increasing foreign debt and contributes considerably to New Zealand's massive balance of payments deficit.

"The billion dollar reinvestment only ensures that future dividends will exacerbate the problem even further.

"The Greens welcome foreign investors that come as guests," Mr Donald said. "But in the case of banking they've moved in and taken over the kitchen. Now they're making off with the dinner, and we're not invited.

"The Greens are already working with existing locally owned organisations to develop a network of community owned banks, as a small step towards reclaiming our banking industry.

"The Greens offer sensible control of our economy for the benefit of New Zealanders, rather than standing back and leaving multi-national companies to take over and failing to support our own industries in the name of the free market," Mr Donald said.

The Thinking Beyond Tomorrow manifesto includes a range of economic initiatives including transferring tax from work and income to greenhouse gas emissions, toxics and waste. It also proposes community banks, credit unions and regional business support.

Rod Donald MP 04 470 6660 025 507 183

Paul Bensemann, Press Secretary 4706679 or 021 214 2665

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Simon Bridges: National Leak Inquiry Points To Jami-Lee Ross

John Billington QC has independently assessed the investigation report. It is his opinion that on the balance of probabilities the evidence establishes that Jami-Lee Ross was the person who leaked the expenses and the sender of the text message.

I accept both the investigation report and the opinion of Mr Billington.

Earlier today I visited Jami-Lee Ross with Paula Bennett and explained to him the report and the opinion of Mr Billington and gave him an opportunity to respond. I was not satisfied with his explanation. More>>


New Hager Investigation: War Crimes, Sexual Assaults And Coverups In Armed Forces

A string of current and ex-New Zealand Defence Force staff have contacted Hager since the book he co-authored with Jon Stephenson – Hit & Run – was published in March 2017... More>>


Israel's Anti-Boycott Law: NZ Activists Fined Over Lorde Cancellation Raise $12k For Charity

New Zealand activists being fined in Israel for urging pop singer Lorde to cancel her concert have raised more than $12,000 for a Palestinian charity. More>>


NZEI: Teacher Shortage Plan Falls Short

NZEI Te Riu Roa has welcomed the Government's announcement of new initiatives to address the growing teacher shortage, but says teaching must become a sustainable career choice if there is to be a long-term solution… More>>


New Study: Women’s Refuge Examines Reproductive Coercion In NZ

While some research on reproductive coercion has been undertaken in other countries, like the United States, to date there has not been a comprehensive study of reproductive coercion in New Zealand – making this study a first of its kind. More>>


Gordon Campbell: On The Govt’s Feeble Response To Loan Sharks

The coalition government’s attempts to minimise the harm done by loan sharks comes nearly 12 years after a major report in 2007 had identified how fringe lenders were aggressively targeting low-income Pacific Island and Maori communities. As that study had found, only 43% of those accessing loan sharks were, at the time, in paid employment. More>>


Sewer Drug Tests: Wastewater Testing To Roll Out Nationally

Testing will be rolled out to 38 sites across the 12 Police districts this month and will capture 80% of New Zealand’s population. Police Commissioner Mike Bush says wastewater testing is crucial to Police’s understanding of drug consumption in our communities. More>>


Four Stood Down: Two Probes Into Police Trainees Are Criminal Investigations

Two of the four investigations into trainee police over claims of misconduct are criminal investigations, the Police College training manager says. More>>


Earthquake Claims: One Stop Shop Launched

The Greater Christchurch Claims Resolution Service... will provide independent case management to bring together fast tracked claims handling, specialist engineering support, psychosocial support, and legal expertise to help resolve claims. More>>





InfoPages News Channels