National Party will shift costs from banks to NZ

Monday 11 October 2004
For immediate release

National Party will shift costs from banks to New Zealanders

“National Party Finance spokesman John Keys’ call for a single trans-Tasman regulator for New Zealand banks will see New Zealanders paying the cost of ‘savings and efficiency gains’ by Australian banks” says Finsec General Secretary Andrew Casidy.

“John Key should be advocating policies that advance New Zealand’s national interest rather than ones that will ‘lead to savings and efficiency gains’ for large Australian banks” said Mr Casidy

Andrew Casidy is responding to National Party Finance Spokesperson John Key's statement that supervision of New Zealand’s trading banks should be transferred from our Reserve Bank to a single trans-Tasman regulator.

“New Zealand bank workers and customers want to see banks operating and making profits in New Zealand, being overseen from New Zealand”, said Mr Casidy.

“We strongly support the position of the NZ Reserve Bank that foreign banks operating in New Zealand must maintain a capacity to continue to operate even if their parent company fails. This has resulted in a number of positions, particularly in the IT area and soon the payroll area, returning to these shores in New Zealand’s largest bank ANZ National.”

That’s good for our members and good for New Zealand bank customers.”

“This proposed change by the National party could see these jobs once again going offshore. New Zealand workers will pay the price of their jobs, while the Australian banks continue to make their record profits.

“Our banking system is critical to the operation of the New Zealand economy. New Zealand authorities need the flexibility to protect our national interest. Finsec does not support giving away control of the New Zealand banking system – customers and staff of all banks require the protection of a New Zealand regulatory system.” Mr Casidy concluded.

Ends

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