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

 

Banks Slapped With Wet Bus Ticket By FMA and Reserve Bank

The recommendations of the report from the Financial Markets Authority and Reserve Bank into the conduct and culture of 11 New Zealand banks are no more than a slap across the wrist with a wet bus ticket.

The report’s statement that “the regulators identified significant weaknesses in the governance and management of conduct risks” is simply window dressing to make it look like there was an inquiry of some substance, when there was not.

The recommendations of the review should be seen as more of a self protection exercise for the reviewers given that it was carried out by the regulators of the banks, who in Australia were shown by the Royal Commission to be just as culpable as the banks themselves.

Why did the report not deal with how the ANZ in New Zealand was able to extract $2 billion in profit out of the pockets of 4.8 million Kiwis?

That’s equivalent to the population of Sydney, yet despite all the shenanigans the banks got up to in Australia, it only managed to make $6 billion out of the whole of Australia?

Why have the banks got a strangle hold on our money supply, creating 98 percent of it, when the Reserve Bank has the ability to create some and enable government investment into health, education, housing, and infrastructure projects.

The same could be done to provide low interest loans for first home buyers.

This would grow the economy, reduce debt, and save taxpayers and first home buyers enormous sums of interest.

How is it that the banks charge Kiwi home buyers as much as 5.9 percent interest on money they don’t have until it is created on their computer keyboards.

The loan fees and interest are the major contributors to the massive profits the banks are extracting out of the New Zealand economy and shipping off to their overseas owners, depleting our economy of much needed capital.

The idea that banks lend out money people deposit with them is a myth, a fact confirmed by the former governors of both the Bank of England and the Bank of Canada.

The report is a whitewash claiming all is well, and that despite a few minor misdemeanours, we can have confidence in our banking sector.

They should have asked the hard questions.

Ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Royal Commission Into Child Abuse

Obviously, it is good news that the coalition government has broadened the scope of its Royal Commission into the abuse of children, beyond its previous focus on children in state care.

In effect, there will now be two closely related reports. An initial report into the historical mistreatment of children in state care will be delivered by the end of 2020, and - two years later – a report into how “faith based institutions” investigation dealt with children will be presented as part of the Commission’s final conclusions... More>>

 

Rebuilding: Dame Silvia Cartwright To Lead Public Inquiry Into EQC

“The aim of the inquiry is to learn from the experience of the Canterbury earthquakes and ensure that the Earthquake Commission is fit for purpose in future events." More>>

ALSO:

Education: Primary Teachers Rolling Strikes

RNZ Report: More than 100,000 primary school students in Auckland will be home from school today as teachers and principals walk off the job for the second time this year. It's the start of a week of rolling one-day strikes around the country, after the collapse of contract negotiations last Thursday. More>>

ALSO:

"Process Was Sound": Inquiry Into Haumaha Appointment Released

The Inquiry’s purpose was to examine, identify, and report on the adequacy of the process that led to the appointment. It found the process was sound and no available relevant information was omitted. More>>

ALSO:

Govt Loses In Supreme Court: Call For Debate On Prisoners' Right To Vote

The court earlier this week upheld a High Court decision which found that a law restricting a prisoner's right to vote was inconsistent with the Bill of Rights. More>>

ALSO:

Shenanigans: NZ First Accepts Jami-Lee Ross Proxy Vote

The New Zealand First caucus strongly believes that in terms of the Electoral Integrity Amendment Act, that someone in Mr Ross’ position should resign his seat... the New Zealand First Whip will use Mr Ross’ proxy–to be exercised at all times in support of the vote of the National Party... More>>

ALSO:

Call For Conversation: Do You Know What Data Is Being Collected About You?

New Zealand Maori Council has called on a national conversation when it comes to data sovereignty asking the question “just how many people know what data is being collected, why and how is it being used?” More>>

Economic Policy: Gordon Campbell On The Aussie Banks And Their Profits

Some folk rob you with a six-gun, as Woody Guthrie once memorably put it, and some rob you with a fountain pen. And some do it in broad daylight without blinking, while the government looks on impotently. More>>

ALSO:

Drug Law: Cost Benefit Analysis Shows Reform Stacks Up

Both decriminalisation of drugs and introduction of a strictly regulated market for cannabis are fiscally positive. Shifting away from a punitive response to drug use would significantly reduce costs in the criminal justice system. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels