Parliament

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

 

Birch wrong: community banks explained

Labour
2000 web site
Bill Birch is wrong to identify Labour's support for community banks with the Alliance's plan to set up a new state bank, says Labour social welfare spokesperson Steve Maharey.

"Mr Birch clearly hasn't read our policy. If he did he would see that community banks are very different from a state-owned bank. One key difference, which even Mr Birch should be able to understand, is that community banks are not owned by the state."

Labour's social security policy, released today, says a Labour Government will explore the feasibility of community banks. The policy recognises the problems caused by the closure of more than 500 bank branches in New Zealand since 1993. Rising fees and charges mean many low-income households find the mainstream banking system too expensive.

"One model we'll look at is the Bendigo Bank in Victoria, Australia, which involves the community creating a trust so local investors become shareholders in their local bank. The bank offers a full range of services including loans, investments, superannuation, and insurances. All profits are split 50-50 between it and the local community."

"Another possibility is to base community banks loosely on credit unions, allowing them to expand the services they offer while ensuring they come under appropriate prudential control."

"Alternatively Labour would support NZ Post expanding its provision of agency services for existing banks, to preserve a much wider spread of banking services."

"Labour is quite simply not proposing to set up a new state bank. We must be thankful Bill Birch is retiring from politics, as his reading skills are clearly failing."

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Whether We’re Punching Above Our Weight, And Should We Care?

According to Pierre De Coubertin, founder of the modern Olympic Games, the Olympic ideal was not about “winning, but fighting well. Life is not conquering, but fighting well.” True to that ideal, young people from all over the world do still congregate together once every four years to compete peacefully against each other... More>>



 
 


Finance: Finance Minister And RBNZ Governor Agree To Update MOU On Macro-prudential Policy

Finance Minister Grant Robertson and Reserve Bank Governor Adrian Orr have updated the Memorandum of Understanding (MoU) on macro-prudential policy to further protect the financial system and support the Government’s housing objectives... More>>

Government: Offers Formal Apology For Dawn Raids
Prime Minister Jacinda Ardern has today formally apologised to Pacific communities impacted by the Dawn Raids in the 1970s.

Between 1974 and 1976, a series of rigorous immigration policies were carried out that resulted in targeted raids on the homes of Pacific families... More>>


Government: Bill Introduced To Protect Against Conversion Practices

Legislation has been introduced to Parliament to protect against practices intended to change or suppress someone’s sexual orientation, gender identity, or gender expression... More>>

ALSO:




Human Rights Commission: Successive Governments Responsible For Massive Breaches Of The Right To A Decent Home

Te Kahu Tika Tangata / Human Rights Commission has today launched Framework Guidelines on the Right to a Decent Home in Aotearoa and announced that it will hold a national inquiry into housing... More>>



NZUS Council: Welcomes Nomination Of Senator Tom Udall As US Ambassador To NZ

The NZUS Council welcomes the nomination of Senator Tom Udall to the role of US Ambassador to New Zealand and Samoa, NZUS Council executive director Jordan Small said... More>>

BusinessNZ: Visa Extensions Welcomed
BusinessNZ has welcomed the extension of some critical skill visa durations and changes to immigration systems to speed processing. Chief Executive Kirk Hope says move acknowledges advocacy by the hospitality sector, the BusinessNZ Network and others, and comes not a moment too soon.... More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels