Bank interest rates inquiry launched

Labour, the Greens and the Progressives are launching their own inquiry into bank interest rates after the Government blocked a full Select Committee process. The parties are going to work together on an inquiry looking at the relationship between interest rates, the Official Cash Rate and bank profits.

Labour Finance Spokesperson David Cunliffe said the inquiry is about bank customers not politicians, and that New Zealanders believed their interest rates were too high.
“There appears at least to be a case to answer that New Zealanders are paying too much for floating mortgages, that interest rate spreads are even worse for small businesses, and farmers are facing a debt burden that is seriously eroding farm profitability in this country,” said Cunliffe.
Finsec has welcomed the inquiry and will be submitting to it, and encourages people to have a look at the inquiry website and have their say: http://www.bankinquiry.co.nz/home

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1 Response to “Bank interest rates inquiry launched”


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