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Excessive Bank Profits At Expense Of Rural NZ

IAN WALKER

NORTHLAND CANDIDATE &
RURAL SPOKESPERSON

Telephone - (09) 408 0072
Facsimile - (09) 408 0608
Mobile – 025 278 5518


Media Release


14 October 1999


EXCESSIVE BANK PROFITS AT EXPENSE OF RURAL BUSINESSES

New Zealand First Rural Spokesperson, Ian Walker, believes banks have improved their profitability at the expense of many small business clients in rural areas.

Despite strong competition in the industry, banks have used unscrupulous and intimidatory tactics to force many of their smaller clients to refinance elsewhere.

“Indisputable evidence was presented to the Select Committee reviewing New Zealand First’s Farm Debt Mediation Bill but they chose to ignore it”, said Mr Walker.

“The banks new-found profits are at the expense of many small businesses throughout New Zealand that they threw on the scarp heap”.

New Zealand First intends to introduce the Farm Debt Mediation Bill at the first opportunity. We will also consider widening it to consider all rural small businesses.

ENDS


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