Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

Comparisons Between Prostitution And The Covered Bond Market

Comparisons between the covered bond market and prostitution were made in Parliament on Tuesday.

Labour MP David Cunliffe made the association as MPs debated the first reading of the Reserve Bank of New Zealand (Covered Bonds) Amendment Bill

The bill allows and regulates the use of covered bonds by New Zealand banks. Covered bonds are usually a cheaper source of funds for international banks which in return means the lender gets preferred security to a bank’s assets if it gets into financial difficulty.

Associate Finance Minister Steven Joyce said the bill was important to maintain financial stability and to ensure New Zealand banks had the same access to funds as other banks around the world.

David Parker said Labour would support the bill to select committee but expressed concern that covered bond holders would have secured preference to assets over unsecured deposit holders should a bank go bust. Balancing this was that access to cheaper financing through the covered bond market would make it less like for a bank to go belly up.


Labour MP David Cunliffe said the decision on voting in support of the bill was a similar to that he made over the legalisation of prostitution. There was something unsavoury happening in the market place and was it better to regulate it, or ignore it? The decision for the Labour caucus in the case of covered bonds was it was best to regulate it.



Video via In the House

The bill was sent to the Finance and Expenditure Committee for consideration on a voice vote.

Earlier in proceedings the Arts Council of New Zealand Toi Aotearoa Bill completed its second reading by 72 to 49 with the Labour, Greens and Mana opposed.

The Crown Entities Reform Bill also completed its second reading with opposition parties indicating they would oppose parts of the bill in select committee.

The main point of opposition is the move to wind the Charities Commission into the Department of Internal Affairs which they fear will reduce its independence and allow ministers to interfere in decisions.

They called for the merger to be deferred until a scheduled review of the Charities Act was completed.

National MPs said the law underlined the Commission’s statutory independence.

**
ParliamentToday.co.nz is a breaking news source for New Zealand parliamentary business featuring broadcast daily news reports.

© Scoop Media

 
 
 
Top Scoops Headlines

 


Julian Assange: A Thousand Days In Belmarsh
Julian Assange has now been in the maximum-security facilities of Belmarsh prison for over 1,000 days. On the occasion of his 1,000th day of imprisonment, campaigners, supporters and kindred spirits gathered to show their support, indignation and solidarity at this political detention most foul... More>>

Binoy Kampmark: The Mauling Of Novak Djokovic
Rarely can the treatment of a grand sporting figure by officialdom have caused such consternation. Novak Djokovic, the tennis World Number One, has always had a tendency to get under skin and constitution, creating a large following of admirers and detractors. But his current treatment by Australian authorities, and his subsequent detention as an unlawful arrival despite being granted a visa to participate in the Australian Open, had the hallmarks of oppression and incompetent vulgarity... More>>

Binoy Kampmark: Voices Of Concern: Aussies For Assange’s Return

With Julian Assange now fighting the next stage of efforts to extradite him to the United States to face 18 charges, 17 of which are based on the brutal, archaic Espionage Act, some Australian politicians have found their voice. It might be said that a few have even found their conscience... More>>



Forbidden Parties: Boris Johnson’s Law On Illegal Covid Gatherings

It was meant to be time to reflect. The eager arms of a new pandemic were enfolding a society with asphyxiating, lethal effect. Public health authorities advocated various measures: social distancing, limited contact between family and friends, limited mobility. No grand booze-ups. No large parties. No bonking, except within dispensations of intimacy and various “bubble” arrangements. Certainly, no orgies... More>>

Dunne Speaks: Question Time Is Anything But
The focus placed on the first couple of Question Time exchanges between the new leader of the National Party and the Prime Minister will have seemed excessive to many but the most seasoned Parliamentary observers. Most people, especially those outside the Wellington beltway, imagine Question Time is exactly what it sounds... More>>



Gasbagging In Glasgow: COP26 And Phasing Down Coal

Words can provide sharp traps, fettering language and caging definitions. They can also speak to freedom of action and permissiveness. At COP26, that permissiveness was all the more present in the haggling ahead of what would become the Glasgow Climate Pact... More>>