Parliament to look at inquiry into bank interest rates, profits

Parliament’s finance and expenditure select committee is investigating whether it needs to run an inquiry into bank profits, and whether banks have passed on cuts to the Official Cash Rate since last July to customers.

Though John Key has questioned what could be achieved by such a review, other MPs have raised concerns about profit gauging and whether current interest rates are unfair.

Bank CEOs are naturally resisting any move to examine their profits. Andrew Thorburn from the BNZ rejected claims that his or any other bank in New Zealand was taking advantage of customers. Westpac CEO George Frazis said that there is no need for a parliamentary inquiry into interest rates, saying the sector is competitive, highly regulated and the performance of individual rates is transparent.

Advertisements

0 Responses to “Parliament to look at inquiry into bank interest rates, profits”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s




You can contact us at:

0800 FINSEC (0800 346 732)
union@finsec.org.nz
www.finsec.org.nz


Creative Commons License
Join Now 0800 FINSEC

RSS LabourStart – act now to help other workers

  • An error has occurred; the feed is probably down. Try again later.

Finsec Photos

Cathie Lendrum

Carl and Oliver

Westpac North East Valley, Dunedin

Westpac North East Valley, Dunedin

piggybank on leash

More Photos

Archives


%d bloggers like this: