Federated Farmers on Commerce Commission swaps investigation

3 April 2013

Federated Farmers promotes Commerce Commission swaps investigation

Having written to the Commerce Commission last November, Federated Farmers welcomes the Commerce Commission’s update on its investigation into the promotion and sale of interest rate swaps marketed by various banks.

“If farmers have concerns about the mis-selling of swaps then now is the time to raise them with the Commerce Commission,” says Bruce Wills, Federated Farmers President.

“Having broken the $50 billion barrier the rural debt market is large and some of the debt instruments are complicated. There has also been a lot of discussion about swaps so the Commerce Commission is best placed to properly investigate them.

“The Commission is rightly looking at swaps from the perspective of the Fair Trading Act 1986. This includes misleading and deceptive conduct in trade such as false and misleading representations.

“The Commerce Commission now wants to hear from those who have entered into interest rate swaps.

“This media release contains links to a Commerce Commission questionnaire that once filled out, can either be posted or scanned and sent back to them by email.

“Federated Farmers needs to stress that the Commerce Commission will need facts. If farmers have related documents like emails, file notes, letters, transcripts and the like, then please collate them and keep them safe in case the Commission requests them from you.

“Federated Farmers also encourages those who may have any information relevant to the Commission’s investigation to make contact with the Commerce Commission,” Mr Wills concluded.

• Interest Rate Swaps Investigation Questionnaire (March 2013); this can be posted back to the Commission at PO Box 2351 Wellington 6140. It can also be scanned and emailed to swaps@comcom.govt.nz (the Commerce Commission may contact people if it requires additional information).
• Interest Rate Swaps Investigation Questions and Answers (March 2013)
• Federated Farmers letter to the Commerce Commission (November 2012)

ENDS

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