Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Federated Farmers on Commerce Commission swaps investigation

3 April 2013

Federated Farmers promotes Commerce Commission swaps investigation

Having written to the Commerce Commission last November, Federated Farmers welcomes the Commerce Commission’s update on its investigation into the promotion and sale of interest rate swaps marketed by various banks.

“If farmers have concerns about the mis-selling of swaps then now is the time to raise them with the Commerce Commission,” says Bruce Wills, Federated Farmers President.

“Having broken the $50 billion barrier the rural debt market is large and some of the debt instruments are complicated. There has also been a lot of discussion about swaps so the Commerce Commission is best placed to properly investigate them.

“The Commission is rightly looking at swaps from the perspective of the Fair Trading Act 1986. This includes misleading and deceptive conduct in trade such as false and misleading representations.

“The Commerce Commission now wants to hear from those who have entered into interest rate swaps.

“This media release contains links to a Commerce Commission questionnaire that once filled out, can either be posted or scanned and sent back to them by email.

“Federated Farmers needs to stress that the Commerce Commission will need facts. If farmers have related documents like emails, file notes, letters, transcripts and the like, then please collate them and keep them safe in case the Commission requests them from you.

“Federated Farmers also encourages those who may have any information relevant to the Commission’s investigation to make contact with the Commerce Commission,” Mr Wills concluded.

Interest Rate Swaps Investigation Questionnaire (March 2013); this can be posted back to the Commission at PO Box 2351 Wellington 6140. It can also be scanned and emailed to swaps@comcom.govt.nz (the Commerce Commission may contact people if it requires additional information).
Interest Rate Swaps Investigation Questions and Answers (March 2013)
Federated Farmers letter to the Commerce Commission (November 2012)

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Frog Recruitment: Kiwi Workers Reluctant To Make Business Trips Across The Ditch Despite Trans-Tasman Bubble Opening

When the trans-Tasman travel bubble opens today, many Kiwi companies won't be rushing to buy an air ticket, reluctant to cross the ditch to do business. The latest survey conducted by leading recruitment agency, Frog Recruitment of nearly 1,000 New Zealand ... More>>

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>


Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>

ALSO:

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>