Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

"Take it seriously!" Finsec says


"Take it seriously!" Finsec says

"The prospect of an ANZ takeover of the National Bank needs to be taken much more seriously," said Andrew Casidy, General Secretary of the bank workers' union, Finsec.

"The decision of the Commerce Commission to allow the takeover has again drawn attention to the urgent need for a commission of enquiry into banking in this country.

"If the ANZ were to buy the National Bank it would be the biggest corporate take-over in the country's history - much bigger, for instance, than a take-over by Qantas of Air NZ - and would have a significant impact on the economy. The National Bank is a $6.5 billion dollar business. The entire country's current trade deficit is less than that, at $5.887 billion.

"Contrary to views of the Commerce Commission and major players in the industry, the market will not protect the economy, consumers, communities or staff from the negative effects of such a take-over," Andrew Casidy said.

"The market does not work in the interests of bank customers because they cannot afford the fees, losses and inconvenience involved in shifting their mortgages and accounts from one bank to another. If it did, then bank's that provide the poorest customer service would have bled their customers to other banks already," he said.

"The market certainly will not protect staff, customers and communities when branches close and jobs are lost - which will happen if the ANZ, with its established branch structure, were to take over the National Bank. We agree with Massey University banking expert, David Tripe, that the Commerce Commission's work is not worthy of a pass mark," Andrew Casidy concluded.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

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>>

ALSO:


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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

ALSO:

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>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election