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

 

17 Year Sentences In Baby Moko Case: Attorney General On Plea Bargain

“The Crown’s decisions in this case, including the decision to accept the manslaughter pleas, were motivated by the need to secure convictions for this horrendous killing and to avoid the significant risk that either of the defendants could escape such a conviction because of evidential issues.” More>>

ALSO:

No Rail For New Harbour Crossing: National Giving Up On Rail In Auckland

The National Government’s decision to scrap two planned rail lines in Auckland shows it is giving up on a city-wide rail network in Auckland, and on thousands of commuters who sit in traffic jams every single day, the Green Party said today. More>>

ALSO:

Gordon Campbell: On The Ombudsman’s Verdict On Paula Rebstock And Ian Rennie

Unfortunately, the brave and damning report by Ombudsman Ron Paterson on the “flawed” and “unfair” inquiry conducted by Dame Paula Rebstock into events at MFAT pulls back the veil on a far wider issue. More>>

ALSO:

Charities' Report: Stressed Families - Overstretched Services

“Like so many of the whānau and families they serve social service organisations are under huge financial stress. The support demanded from desperate people in communities is far outreaching the resources available.” More>>

ALSO:

Detention: Wellingtonians Protest Treatment Of Refugees

Peace Action Wellington (PAW) and around 50 Wellingtonians blockaded the Australian High Commission, creating a symbolic detention centre to protest the Australian Government's policy of mandatory offshore detention for refugees and asylum seekers. More>>

ALSO:

Diver's Alarums: Breach Means Training Provider Must Repay $1.47 Million

The New Zealand School of Outdoor Studies is to repay $1.47 million (GST-exclusive) to the Tertiary Education Commission (TEC) following an investigation which showed that some student enrolments between 2009 -2014 could not be validated and that courses were under-delivered against their agreement with the TEC. More>>

ALSO:

Education: Government Plans Suggest Bulk Funding Return

Plans by the Government to return to bulk funding are likely to see increased class sizes and schools most in need missing out on much-needed resources, Labour’s Acting Education spokesperson Grant Robertson says. More>>

ALSO:

Interim Report: Auckland Looks Long Term To Pay-Per-Km Road Pricing

Aucklanders can expect to be paying variable rates per kilometre to travel on the city's most congested roads under an emerging transport strategy being formulated by the government and the Auckland Council. More>>

ALSO:

Despite Promises: Government Extends Iraq Deployment

Cabinet has agreed to extend New Zealand’s contribution to the joint New Zealand-Australia mission to train Iraqi Security Forces until November 2018. More>>

ALSO:

On The 'Terrorism' Card:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news