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

 


No bank bailouts says new petition – reform banking instead

February 11, 2013

No bank bailouts says new petition – reform banking instead

The New Economics Party has launched a petition to ask for a Parliamentary Enquiry into the options for making banks stable so that no bailouts are ever needed. Spokesperson Deirdre Kent said they wanted Parliament to include examination of a new report from two IMF economists revisiting a good idea after the 1930s Depression.

“The Government hasn’t yet publicised that the Reserve Bank of New Zealand is working behind the scenes with the registered banks to set in place a system where customers will bailout a failing bank out instead of taxpayers. Their account will be frozen overnight and the bank will take a haircut from the top. A customer will wake up in the morning with less in the bank”.

“But that is unfair. No one should have to bail out a bank. Banks should be stable in the first place and there are ways to make them stable”, she said.

“We have requested a Parliamentary Enquiry because we know that it has to be brought in simultaneously in all countries. A small country like us can work on it and take initiative. We have the skills here to work out a better banking system so we are not vulnerable to financial contagion,” she said.

“When I took this petition briefly to our local Otaki market yesterday, one man stalked off declaring they won’t get away with this. There was no antagonism to the petition, just amazement that such a proposal was on the books and they hadn’t heard about it.”

She said the organisers had a Facebook page for the petition and had just started an online petition as well. The petition has the support of Positive Money NZ, the Living Economies Educational Trust, The Awareness Party, and the Democrats for Social Credit. “We are expecting more support from political parties and organisations. Nearly everyone has a bank account so we are all vulnerable,” she said.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news