People's Issues

 
 


New Zealand: ANZ Shenanigans Reinforce Need For Inquiry Into Banks

Written by: Nick on


The Campaign Against Foreign Control of Aotearoa (CAFCA) joins the growing chorus of those calling for an inquiry into the banks, particularly the Gang of Four big Australian-owned banks that completely dominate the sector (and do very nicely out of it in the process).
 
CAFCA has been calling for such an inquiry for some time (see the lead article in Foreign Control Watchdog 150, April 2019. 
 
The current revelations about ANZ - criticism that it has defied Reserve Bank instructions to set aside enough spare money to see it through another financial crisis, and the sudden resignation of its CEO because of his questionable approach to expenses (with a very laissez faire "oversight" by the bank's NZ Board, headed by Sir John Key, the master of doing nothing when it involves the interests and profits of Big Business) - only reinforce the need for such an inquiry.

ANZ is well known to CAFCA. Twice (2009 & 2014) it won the Roger Award for the Worst Transnational Corporation Operating in Aotearoa/New Zealand (the respective Judges' Reports are at
 

But an inquiry needs to look at more than just one of the banks. It needs to look at all of them. Just like the recent Australian Royal Commission of Inquiry into banks and insurance companies. It revealed a horrifying picture of systemic corporate malpractice right across the sector - involving the same banks that own the Gang of Four in NZ.

Funnily enough, the banks here see no need for an equivalent inquiry. The NZ Bankers' Association had a novel explanation for why - according to them - things are hunky dory on this side of the Tasman. Antony Buick-Constable, the acting CEO, said: "We think, importantly, it comes down to the smaller size of our country and the smaller size of our banks. We're more connected - we're talking to our customers on the sidelines of footy matches on a Saturday. We think this is an important difference from the Australian landscape. We are very connected to customers" ( Press, 20/9/18, "Banks' Size Crucial To Conduct", Hamish Rutherford).

Oh, really. Well, the current ANZ situation puts the lie to that.

But the Government is also resisting calls for an inquiry. Yet, when it was in Opposition, back in 2009, Labour was happy to take part in the Parliamentary Banking Inquiry, held by the then Opposition Parties in the wake of the 2008 Global Financial Crisis.

So, come on, Labour, you've done it once, when you were in Opposition. Do it again now that you're in Government, with all the resources of the State at your disposal. Don't worry about the inevitable cries that it will adversely affect "business confidence" or possibly even "threaten the New Zealand way of life". The Tory government in Aussie went ahead and had one without the sky falling (except, hopefully, onto the heads of those named - individually and corporately - as guilty). To coin a phrase much beloved by Rightwing politicians and their media mouthpieces in another context - if they've got nothing to hide, then they've got nothing to fear. Time for a New Zealand inquiry into the banks.

Murray Horton
Secretary/Organiser
 

CAFCA
Campaign Against Foreign Control of Aotearoa
Box 2258, Christchurch 8140, New Zealand
cafca@chch.planet.org.nz 
www.cafca.org.nz
Facebook: http://tinyurl.com/cafcafb
Watchblog: http://tinyurl.com/watchblog
twitter:@NZN4S
 

 

 

 

New Zealand: ANZ Shenanigans Reinforce Need For Inquiry Into Banks
Print Version - new window

New Zealand: ANZ Shenanigans Reinforce Need For Inquiry Into Banks
Print Version - popup window

 

-----

Back to Article listing

 

 

Articles

Crims in Suits: the apologists for wage-theft

The Independent Fight of the Working Class

The Victoria Cross – what it really represents

Warlpiri lead from strength in Country and culture after Kumanjayi Walker’s murder

Protests erupt across the country over Kumanjayi Walker murder

Bourgeoisie only has one answer to effective dissent: repression

Film review: Birds of Passage

Unite All Who Can Be United Around Widely, Deeply Felt Issues

Leaked Document Offers No Surprises

Class oppression and human rights

Tram and Train workers lead SA anti-privatisation campaign

United Workers Union: Workers Vote for Strength in Numbers

Nation-wide rallies in support of West Papua

An answer to fascism from the mouths of children

Truth discarded and NSW MPs targeted in anti-abortion media rants

 

-----

View all Articles

 

 
 
  Home | About Us | Marxism Today | Statements | International Documents | Articles | Links | Downloads | Search | Contact
Copyright © 2013 Vanguard - Communist Party of Australia Marxist Leninist