Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Opposition announces inquiry into bank profits

David Cunliffe
Finance Spokesperson

21 July 2009 Media Statement

Labour, Greens, Progressives announce inquiry into bank profits


The Labour Party, the Greens and the Progressives will hold the equivalent of a parliamentary select committee inquiry into bank profits, says Labour finance spokesperson David Cunliffe.

“Kiwis believe they are paying higher interest rates than they should be paying. Banks believe interest costs are justified. The facts should be put on the table fairly and openly so that people can see whether they are receiving a fair deal.”

David Cunliffe said Labour and the Greens were disappointed that the Finance and Expenditure Select Committee had decided not to proceed with its own inquiry despite the view of Reserve Bank Governor Alan Bollard that banks have set their interests higher than needed.

The inquiry being announced today would have a similar primary focus as that originally agreed by the select committee, he said. “It will be an inquiry into the relationship between the Official Cash Rate and short term interest rates, in the context of matters raised by the Finance and Expenditure Committee in its report on the Reserve Bank of New Zealand’s financial stability report.”

David Cunliffe said Labour and the Greens wanted the inquiry to be cross-party, he said.

“We are writing to the leaders of all parties in Parliament asking them to participate. We have also written to a cross-section of New Zealand organisations and businesses, including banks, inviting them to participate, and expect a significant number of positive responses.

“We want ordinary New Zealanders to share views with us. We will ensure their views get the wider audience they deserve. We have also asked Dr Bollard to consider asking the Finance Minister for approval to attend and give evidence at the inquiry.”

A letter had been sent to the Speaker seeking appropriate parliamentary logistical support for the inquiry, David Cunliffe said.

“This is a serious inquiry by parliamentarians on behalf of New Zealanders. We believe it is appropriate support, including a venue, is made available, so that the public and media can attend.”

David Cunliffe said further details of the inquiry, including a starting date, would be announced in the next few days. “The committee will be supported with high quality expert advice to help the committee come to robust and considered conclusions.

“We want to get started as soon as possible. New Zealanders deserve that,” he said. “Our aim, at the end of the inquiry, is that New Zealanders have had the opportunity to learn why banks are making the decisions they are making, and to discover if customers are getting a fair go or not”.

The bank inquiry website is at: http://www.bankinquiry.org.nz


ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

PM's Statement: Deadly Eruption Of Whakaari / White Island

At this stage, we can confirm that amongst those currently listed as missing or injured are New Zealanders who were part of the tour operation, and tourists from Australia, the United States, the United Kingdom, China and Malaysia. That is to the best of our knowledge.

To those who have lost or are missing family and friends, we share in your unfathomable grief at this moment in time, and in your sorrow. Your loved ones stood alongside kiwis who were hosting you here. We grieve with you, and we grieve with them... More>>

RNZ Updates: Police Confirm Criminal Investigation
Speaking at a media conference late this afternoon, deputy police commissioner John Tims said the terms of reference for the investigation will be decided on in the next few days...
Ministry of Health spokesperson Pete Watson said 25 of the 31 people injured by the eruption are in burns units in Christchurch, Hutt Valley, Waikato and Middlemore Hospitals. More>>

Gordon Campbell: On The Eruption And Tourism Safety
Adventure tourism is a central theme in New Zealand tourism, and by definition, adventure always includes a certain level of risk. That said, New Zealand itself is also at risk of being seen as a tourism destination where commercial factors – rather than safety factors – are routinely allowed to determine the point where the boundary line of acceptable risk is being drawn. More>>

 

Mosque Attacks: Names Of Arresting Officers Released

Police are now in the position to name the two officers involved in the arrest of the alleged gunman responsible for the attacks on the Al Noor and Linwood Mosques on March 15. More>>

Big, Bold, Permanent Change Needed: Children's Commissioner On 2019 Child Poverty Monitor

“I want to see family incomes dramatically raised by increasing benefits and making the minimum wage a living wage. And the Government needs to move much faster at increasing the supply of social housing..." More>>

ALSO:

RNZ Live Updates: Weather Mayhem Strands Tourists; Major Roads Closed

Hundreds of tourists are stranded on the West Coast, and on the other side of the South Island a flood-damaged bridge has closed State Highway 1, after a weekend of torrential rain... More>>

ALSO:

Policing: Armoured Specialist Police Vehicles

New Zealand Police has taken delivery of three Armoured Special Purpose Vehicles. The vehicles are unmarked and look like standard Toyota Land cruisers... They will not be used for patrol. More>>

Single Use PVC And Polystyrene Out: Next Steps On Plastic Waste

The Government will phase out more single-use plastics following the success of its single-use plastic bag ban earlier this year and the release today of a pivotal report for dealing with waste. More>>

ALSO:

Faafoi Statement: Minister's Suspicious Immigration Texts

I have apologised to the Prime Minister and understand I have let her down in regards to my dealings with Jason Kerrison over an immigration matter concerning his family. More>>

ALSO:

NZ First Conflicts Of Interest: New Details Around Timeline

New information has emerged showing it was the New Zealand First chief of staff who identified potential conflicts of interest between a forestry company and two senior government ministers, sparking a series of declarations. More>>

Earlier:

Donations:

Five New Cancer Meds In Six Months: Pharmac Funds More Cancer Medicines, Faster Assessment

PHARMAC has confirmed that two new medicines – olaparib for ovarian cancer and fulvestrant for breast cancer – have been approved for funding... Rituximab and bortezomib, which are already funded, have also been approved for widened access following successful commercial proposals from new suppliers. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels