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

 

Banking Royal a Commission a must because of mistrust

Banking Royal a Commission a must because of mistrust: NZ Maori Council

The New Zealand Maori Council is calling on the Government to instigate a Banking Royal Commission after more revelations emerged The Bank of New Zealand has struggled to comply with laws meant to prevent criminals and terrorists laundering money through its accounts*. The revelations come after a whistleblower in Australia released a vast array of documents in respect of the BNZ’s parent, the National Australia Bank. Council Executive Director, Matthew Tukaki, has said it has been a long-held belief that what has been happening in Australia could also be rampant in New Zealand:

“All of our major banks are owned by the Australian big four who were all called to account by that countries Royal Commission. What was discovered was a horrendous misuse of power that saw many everyday people bought to their knees, farm closures, mortgagee sales and more. We would be naïve to believe similar practices and behaviors were not rife here.” Tukaki said

“I mean let’s face it an audit of the BNZ found that it was at risk of 11 contraventions of this nations anti-money laundering and counterfeiting laws. That is just the tip of the iceberg given the debacle that was the “moving on” of the ANZ CEO by former Prime Minister, John Key.”

“That is just one reason why we need a banking royal commission with other reasons being my concern that small business owners and farmers are getting a dud deal and also I want the practices of banks examined when it comes to their treatment of Maori, ethnic groups and the unemployed – in other words I want to know exactly what lending practices have been breached in terms of human rights and the rights of all New Zealanders to have access to finance and capital.” Tukaki said

“It’s not only time for a reckon; it’s time for all New Zealanders, Maori among them, to have their voices heard when it comes to our banks and banking system. The New Zealand Maori Council would be more than happy to assist the Government in building a term of reference.” Tukaki said

*Reference made to an investigative piece by Adele Fergusson of the Sydney Morning Herald

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>

ALSO:

Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>

ALSO:

Aerospace: Christchurch Plan To Be NZ's Testbed

Christchurch aims to be at the centre of New Zealand’s burgeoning aerospace sector by 2025, according to the city’s aerospace strategic plan. More>>

ALSO:

EPA: Spill Sees Abatement Notice Served For Tamarind Taranaki

The notice was issued after a “sheen” on the sea surface was reported to regulators on Thursday 21 November, approximately 400 metres from the FPSO Umuroa. A survey commissioned by Tamarind has subsequently detected damage to the flowline connecting the Umuroa to the Tui 2H well. More>>

Taskforce Report: Changes Recommended For Winter Grazing

A Taskforce has made 11 recommendations to improve animal welfare in intensive winter grazing farm systems, the Minister of Agriculture Damien O’Connor confirmed today. More>>

ALSO: