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John Key too soft on banks

For immediate release
Friday 31 October 2008
John Key too soft on banks
National should demand more in exchange for guarantees

Bank workers’ union Finsec says John Key is naïve if he thinks a sufficient quid pro quo for a wholesale deposit scheme is asking the Australian owned banks to be nice to their customers.

John Key said today, “My expectation is that in light of this, banks will be very careful about the manner in which they deal with customers who may, as a consequence of the global financial crisis, find it hard to meet their obligations.”

“John Key’s comments to the banks are akin to a slap on the wrist with a wet bus ticket,” said Finsec Campaigns Director Andrew Campbell.

Campbell said that Key was missing an opportunity to demand accountability in return for the taxpayer underwriting our banks.

“In the midst of this crisis, some of our banks have increased their targets and put more pressure on customers to take on debt they may not need or be able to afford. The gentleman’s agreements Key is seeking from the bank CEO’s will not work,” said Campbell.

“The quid pro quo needed for the wholesale deposit scheme is strong lending regulation attached to it. New Zealand tax payers need to know that the offshore bank borrowing they are underwriting is not then going to be unethically pushed onto them through dodgy lending practices here,” said Campbell.

“Key needs to start adopting policy that is in the interest of bank customers rather than the interests of the banks themselves,”said Campbell

ENDS

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