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

 

Leaked Agreement would lock in failed neoliberal model

Media Release: FIRST Union

20 June 2014

Leaked Financial Services Agreement would lock in failed neoliberal model

Today Wikileaks released the secret draft text of the Trade in Services Agreement (TISA) Financial Services Annex, ahead of the next round of TISA negotiations in Geneva next week.

The leak shows the negotiation is being spearheaded by the US and EU and the New Zealand government is willing to unquestioningly accept these rules, says FIRST Union General Secretary Robert Reid.

“We’ve long lobbied against the highly undemocratic nature of similar multilateral negotiations like the TPPA, but this appears to be even worse. This has the fingerprints of the world’s largest banks, finance and insurance companies all over it,” said Reid.

“What we see in this leak is these same banks and finance companies seeking to lock in the failed neoliberal model and circumvent regulation that could affect their future profitability, while governments are aiming to deregulate our financial sector and those of our major trading partners even further.

“New Zealand was largely insulated from the GFC due to the fact that our banks are Australian-owned, where the financial industry is more tightly regulated.

“There are already dire warnings from Australia that TISA will threaten these rules. Where their banks go, ours go too. Greater risk, more competition and higher profits for the Australian banks threatens their New Zealand customers and the jobs of our members in the finance industry."

"New Zealand has done little to tighten the rules in response to the financial crisis, and the finance company and other home-grown scandals. The last thing we need is to take the hands further off the rudder."

“We desperately require a public debate on how to reform our super-profitable financial sector that currently rewards and encourages damaging risk-taking behaviour. The government should abandon these ill-conceived negotiations and focus on putting the financial house in order at home".

Ends.


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Life And Times Of Peter Dunne

In the end, Mr Pragmatic calmly read the signs of impending defeat and went out on his own terms. You could use any number of clichés to describe Peter Dunne’s exit from Parliament.

The unkind might talk of sinking ships, others could be more reminded of a loaded revolver left on the desk by his Cabinet colleagues as they closed the door behind them, now that the polls in Ohariu had confirmed he was no longer of much use to National. More>>

 

Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>

ALSO:

Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>

ALSO:

Deregistered: Independent Board Decision On Family First

The Board considers that Family First has a purpose to promote its own particular views about marriage and the traditional family that cannot be determined to be for the public benefit in a way previously accepted as charitable... More>>

ALSO:

Transport Policies: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>

ALSO:

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election