Celebrating 25 Years of Scoop
Special: Up To 25% Off Scoop Pro Learn More
Parliament

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

 

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

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 
 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.