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


Nats would give regulation of NZ banks to Aussies

Friday, 29 July 2005

For immediate release

National would give regulation of NZ banks to Australia

The National Party’s banking policy would hand control of New Zealand’s banking industry over to Australia. At present New Zealand banks are regulated by the Reserve Bank. National’s proposal, as outlined by its finance spokesperson, John Keys, would be to outsource that regulatory authority to the Australian Prudential and Review Authority (APRA).

Finsec, the union representing New Zealand bank workers, is concerned. “With all New Zealand’s major banks owned overseas, it is crucial that a New Zealand body, such as the Reserve Bank, oversees those banks’ behaviour in our country” Said Finsec’s General Secretary, Andrew Casidy.

“We would hope that the National Party and all other parties recognise the need for New Zealanders to control our banking system.” he said.

National’s call to outsource New Zealand’s regulatory banking authority follows intense lobbying pressure from the Australian owners of New Zealand’s four biggest banks to outsource the Reserve Rank’s powers.

“However, KPMG’s recent annual survey of New Zealand’s financial institutions criticises this Australian lobbying. KPMG’s chairperson, Andrew Dinsdale, stated in that survey:

“One of the ironies of the Australians calling for the APRA–controlled model of course is that they themselves have strict policies regarding bank ownership to protect their national interests. In fact, foreign ownership of systematically important banks in Australia is expressly prohibited.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

22/2: Earthquake Memorial Service In Christchurch

"The theme of this year's service, 'Keeping their dreams alive" helps us look back at all that we've lost with a sense of hope and aspiration for the future,'' says the Mayor.

"It also helps us to recall all those who came to our rescue and those who offered support at our time of need and what that meant to us."

During the civic memorial service, the names of the 185 people who lost their lives in the earthquake will be read out in the order they appear on the Memorial Wall. More>>


Percieved Transparency: New Zealand #1 Least Corrupt Public Sector In The World

New Zealand's public sector is ranked the least corrupt in the world, according to Transparency International's 2017 Corruption Perceptions Index (CPI) released globally today. More>>


CPTPP Deal: Text And National Interest Analysis Released

“New Zealand has been working hard to see the text made public as quickly as possible,” Mr Parker says... An analysis suggests it could be worth up to $4 billion a year to the New Zealand economy once fully implemented. More>>


Reviews: Three-Year Work Programme For Education

The work programme includes the NCEA review, a review of Tomorrow’s Schools, developing a future-focused Education Workforce Strategy, a continuous focus on raising achievement for Māori and Pasifika learners, an action plan for learning support, an early learning strategic plan, a comprehensive review of school property. More>>


Kauri Protection: Waitākere Forest Closure Proposed

At the 20 February meeting of the Environment and Community Committee, the council proposed to close the forested areas of the Waitākere Ranges Regional Park, with some exceptions, by 1 May 2018. More>>


Accommodation Allowance: PM, Deputy Were Paid While In Official Residences

Department of Internal Affairs officials advised the Prime Minister and Deputy Prime Minister late yesterday of the administrative error which has seen them receive Wellington accommodation payments since they moved into official residences. More>>




Featured InfoPages