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Launch an Independent Banking Inquiry – Peters


Rt Hon Winston Peters
New Zealand First Leader
21 August 2012

Launch an Independent Banking Inquiry – Peters

New Zealand First is calling on the Government to launch a full scale, independent inquiry into huge profits being posted by mainly foreign-owned banks operating in our country.

Rt Hon Winston Peters says the country’s largest bank, foreign-owned ANZ National, is this year on target to post a record 31 per cent profit of more than $1 billion.

“We are in the middle of a global financial crisis yet a single bank is in the process of manufacturing a record profit from the wallets of hard working New Zealanders.

“Year on year they are making extraordinary profits. Last year the big four Australian banks on average increased profits by 28 per cent, led by BNZ which posted a 51 per cent hike.

“It is totally outrageous.”

Mr Peters says an independent inquiry is needed to find ways to temper banks’ profits so a bigger slice is kept in the New Zealand economy.

“Banks are in a privileged position yet there has never been a full scale banking inquiry in New Zealand.

“With the economic gloom showing little sign of lifting, now is the time for an inquiry into banks’ obscene profit margins,” says Mr Peters.

ENDS

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