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

PM Announces Royal Commission Into Christchurch Attacks

Prime Minister Jacinda Ardern has announced that there will be a Royal Commission of Inquiry into security agencies following the Christchurch terrorist attacks... The inquiry will look at what could or should have been done to prevent the attack, Ms Ardern said. More>>

Gordon Campbell: On Ridding The Net Of White Supremacist Propaganda

Although it won’t be a walk in the park, gun law reform will be an easier job than neutralising the Internet hate content that (a) recruited the Christchurch shooter, and (b) confirmed him in his beliefs. More>>

Friday: National Remembrance Service

A National Remembrance Service for the victims of the Christchurch mosques terrorist attack, and all those affected by it, will be held at 10am on Friday 29 March, Prime Minister Jacinda Ardern announced. More>>

For the Latest: Scoop Search - Christchurch

Gordon Campbell: On The School Climate Strike

Locally, the school strike has won a ton of support for bringing climate change to the fore. Yet the strikers don't want mere expressions of support. They want action. More>>


"Grabbed And Struck In The Face": Greens Co-Leader Attacked While Walking To Work

Green Party co-leader James Shaw was the victim of an unprovoked attack when he was walking to work in Wellington. More>>


████████ ████ ███: Latest OIA Statistics Released

The latest statistics cover 110 agencies that collectively completed 18,106 official information requests between July and December 2018, a 16.4% increase on the 15,551 requests for the previous six months. More>>


'Hit And Run' Inquiry: New Legal Action Over Secrecy

The lawyer representing the Afghan villagers in the inquiry into Operation Burnham has launched legal proceedings calling for a judicial review in the investigation. More>>


From Hydro Plan To...: Mokihinui River Land To Join Kahurangi National Park

A total of 64,400 hectares of conservation land in the Mokihinui River catchment on the West Coast north of Westport, including 15 km of riverbed, is being added to Kahurangi National Park. “Adding this area, roughly half the size of Auckland City, to Kahurangi is the largest addition of land to an existing national park in New Zealand’s history,” Eugenie Sage said. More>>





InfoPages News Channels