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

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced


Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>


Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>


Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>


Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>


Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>


Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>




Featured InfoPages

Opening the Election