Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


ANZ, Give Them Back Their Money!

Chief Reporter

ANZ, Give Them Back Their Money!

The Campaign Against Foreign Control of Aotearoa (CAFCA) fully supports the Frozen Funds Group in its campaign (which now includes pickets of ANZ branches) to get this Australian–owned bank to repay hapless small NZ investors whose money has been frozen due to the collapse of two investment funds run by its subsidiary ING NZ Ltd.

This was the main reason that ANZ was a finalist in the latest (2008) Roger Award for the Worst Transnational Corporation Operating in Aotearoa/New Zealand. To quote from the Judges’ Report: “The key charge against ANZ-National in 2008 was its reckless promotion to its banking customers of two investment funds run by its subsidiary ING NZ Ltd, which were then frozen, imprisoning $520 million of small investors’money. The bank ducked responsibility on all fronts – for giving shonky advice, for misrepresenting ING as ‘low risk’, for failing to bail out its subsidiary to avoid the need to freeze funds, and for continuing to collect advisor fees during the freeze. While keeping the funds frozen, ING then announced a profit of $36 million. As a comprehensive case study of the rapacity and unconscionable behaviour at the expense of ordinary investors that have brought the reputation of Wall Street and its local clones to a new low, the ING saga stacks up well. ANZ has also been a central player in the Opus Prime insolvency in Australia, where again small investors were fleeced while the bank initially concealed crucial information and then looked after itself when the crash came. Only after the Banking Ombudsman became involved did ANZ-National begin paying off a few individual victims caught in the ING affair, ‘on a goodwill basis’. ‘Goodwill’ in this context seems to mean good public relations rather than any real relief for the majority of burned investors”.

And CAFCA supports the campaign by Finsec, the bank worker’s union, to keep bank jobs in NZ. This applies to all four of the Australian-owned banks – ANZ, BNZ, Westpac and ASB - but once again ANZ has “distinguished” itself in this field. To quote, again, from the 2008 Roger Award Judges’Report: “Buttressing the case against ANZ-National was evidence from Finsec that the bank’s management lied to staff and customers when it promised to increase branch staff numbers while outsourcing 500 back office jobs to India; the bank subsequently announced sweeping cuts in branch staffing. Only truly distinguished performances by two other contenders saved ANZ-National from the Roger this time around” (the Roger Award was won by British American Tobacco NZ Ltd, with Rio Tinto Aluminium NZ Ltd as runner-up).

NZ taxpayers are now the guarantors of the deposits of the banks. Yet we get no say in their running, let alone ownership. The Australian-owned banks go on their merry way piling up profits as if the crash has never happened, while at the same time turning off credit for their NZ customers, refusing to reimburse mum and dad investors whom they have bilked, laying off staff in their hundreds and outsourcing their jobs to Third World cheap labour. It’s time for the Government to remind the foreign banks of that old saying most favoured by moneymen: “He who pays the piper calls the tune”, and to translate that into action.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Virtues (and Fluffed Opportunities) Of The Operation Burnham Report

One unspoken rule of thumb in any official public inquiry is : whatever you do, don’t conclude you were made to listen to “a litany of lies” even if the evidence of a deliberate cover-up is right there under your nose. In that respect, the report into the 2010 Operation Burnham military raid in Afghanistan has been a model of decorum. Bad stuff did happen and has been duly noted and lamented - but only as a lapse and departure from usual professional standards. Normal service can be trusted to resume shortly... More>>


Environment: Govt Progress On Climate Change Essential, Risk Assessment Shows

The release of the National Climate Change Risk Assessment shows that the progress this Government has made to solve the climate crisis is essential to creating cleaner and safer communities across New Zealand. “Because of this report, we can see clearer ... More>>

Economy: Investing In The Tourism Sector’s Recovery

More than $300 million in funding has been approved to protect strategic tourism businesses, drive domestic tourism through regional events and lift digital capability in the tourism industry, Tourism Minister Kelvin Davis announced today. A $400 million ... More>>


National On MP Bill: Waka-Jumping Repeal Bill Passes First Reading

The Electoral (Integrity Repeal) Amendment Bill has passed its first reading, marking one step closer to Parliament getting rid of NZ First’s ‘waka-jumping’ legislation, National List MP David Carter says. “I’d like to thank the Greens for voting ... More>>


Covid-19:Legislation For Managed Isolation Payments Introduced

Hon Dr Megan Woods Minister of Housing Legislation to allow the Government to recover some of the costs for managed isolation and quarantine will be introduced to Parliament today, said Minister of Housing Megan Woods. “The Bill will allow the government ... More>>


General Election 2020: Newshub-Reid Research Poll Shows Labour Stratospheric And National In Freefall

The latest Newshub-Reid research poll* shows the National party’s leadership crises have catapulted Labour to its highest heights in this poll’s history. It has climbed to 60.9% - an increase of 4.4 percentage points. And National has been punished, ... More>>


Economy: 30% Believe Households Worse Off, 298,000 Expect To Lose Jobs

64% of New Zealanders feel the economic position of their households is the same or better than a year ago – and 30% think it is worse or much worse, while 298,000 think they will lose their jobs in the next 12 months. Households’ perceptions ... More>>

State Services Commission: Findings Of Investigation Into COVID-19 Active Cases Privacy Breach

Deputy State Services Commissioner Helene Quilter has today announced the findings of an investigation into a breach of privacy regarding sensitive personal information. The investigation looked into who or what caused the disclosure of the information, ... More>>

International Security: New Zealand Suspends Extradition Treaty With Hong Kong

The New Zealand Government has suspended its extradition treaty with Hong Kong and made a number of other changes in light of China’s decision to pass a national security law for Hong Kong, Foreign Affairs Minister Winston Peters says. More>>


Energy: 100% Renewable Electricity Grid Explored With Pumped Storage ‘battery’

The Government is taking a significant step toward its goal for 100% renewable electricity generation in a move that could be a game changer for consumers and the creation of a low-emissions economy, Energy & Resources Minister Megan Woods said. ... More>>


Election 2020: Campaign Launches

The Green Party has launched its policy platform. Think Ahead, Act Now: Our Green Vision for Aotearoa was unveiled by Co-leaders Marama Davidson and James Shaw at the party’s Annual General Meeting this morning. Marama Davidson said today: “In ... More>>






InfoPages News Channels