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

 

Leaked Agreement would lock in failed neoliberal model

Media Release: FIRST Union

20 June 2014

Leaked Financial Services Agreement would lock in failed neoliberal model

Today Wikileaks released the secret draft text of the Trade in Services Agreement (TISA) Financial Services Annex, ahead of the next round of TISA negotiations in Geneva next week.

The leak shows the negotiation is being spearheaded by the US and EU and the New Zealand government is willing to unquestioningly accept these rules, says FIRST Union General Secretary Robert Reid.

“We’ve long lobbied against the highly undemocratic nature of similar multilateral negotiations like the TPPA, but this appears to be even worse. This has the fingerprints of the world’s largest banks, finance and insurance companies all over it,” said Reid.

“What we see in this leak is these same banks and finance companies seeking to lock in the failed neoliberal model and circumvent regulation that could affect their future profitability, while governments are aiming to deregulate our financial sector and those of our major trading partners even further.

“New Zealand was largely insulated from the GFC due to the fact that our banks are Australian-owned, where the financial industry is more tightly regulated.

“There are already dire warnings from Australia that TISA will threaten these rules. Where their banks go, ours go too. Greater risk, more competition and higher profits for the Australian banks threatens their New Zealand customers and the jobs of our members in the finance industry."

"New Zealand has done little to tighten the rules in response to the financial crisis, and the finance company and other home-grown scandals. The last thing we need is to take the hands further off the rudder."

“We desperately require a public debate on how to reform our super-profitable financial sector that currently rewards and encourages damaging risk-taking behaviour. The government should abandon these ill-conceived negotiations and focus on putting the financial house in order at home".

Ends.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On National’s Less Than Stellar Choices


Amid all the jostling in the National caucus ranks, spare a thought for Andrew Bayly. Who? Well might you ask. Plucked from obscurity by Judith Collin, elevated from number 18 to number 3 in the caucus rankings and given the Finance portfolio - a role in which he has been invisible ever since – Bayly seems destined for a future as a trivia quiz question. That’s because as the National leadership contest comes down to a choice between Simon Bridges and Christopher Luxon, the only decisions to be made on Tuesday are over who gets to be leader, and who gets the Finance job... More>>




 
 


Government: Workplace Vaccination Requirements Extended To Cover Police And NZ Defence Force

Workplace Relations and Safety Minister Michael Wood announced today that workplace vaccination requirements will be extended to include the New Zealand Police and Defence Force in preparation for the transition to the new COVID-19 Protection Framework on 3 December 2021... More>>


RNZ: Judith Collins removed as National Party leader
Dr Shane Reti is interim leader of the National Party after Judith Collins lost a no-confidence vote. Simon Bridges was demoted and stripped of all portfolios over allegations of an inappropriate comment made five years ago at a party function. Judith Collins was voted out as National's leader today after the party was locked in a caucus for more than three hours... More>>


Government: Supporting New Zealanders To Recover From COVID-19 In The Community
The Government is increasing the support for New Zealanders who test positive for COVID-19 through the rollout of the COVID Care in the Community model and a $300 million funding boost to Pharmac to purchase new medicines to treat the virus, Health Minister Andrew Little announced today... More>>

ALSO:


National: Launches First Step To World-class Tech Sector

Leader of the Opposition Judith Collins says technology will create exciting careers and higher paying jobs and has the potential to transform the New Zealand economy... More>>

Council For Civil Liberties: Disgraceful Government Secrecy On Vaccination Certificates As Legislation Rushed Through
On the eve of legislation to enable vaccination passes being rushed through Parliament under urgency, the Minister has said it will not publish the relevant policy papers until ‘late January 2022... More>>


Government: Providing Business The Tools To Vaccinate Workforces

The Government is building on measures to protect businesses and workers from COVID-19 as the country gets ready to transition to the new COVID-19 Protection Framework on December 3, Workplace Relations and Safety Minister Michael Wood announced today... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels