Bank closures 'hurting local communities'
Rural Women New Zealand (RWNZ) says access to personal banking services in rural communities is fundamental to promoting outcomes that benefit Kiwi consumers.
THE COMMERCE Commission's decision to issue legal proceedings against three major banks over their sales of interest rate swap contracts to rural customers is great news, says Damien O'Connor, Labour spokesperson for Primary Industries.
O'Connor says the decision has been a long time coming and so-called swaps loans were misrepresented to rural customers.
"This move by the Commerce Commission is an important step forward in finding out what effect these banking products have had on rural New Zealand," says O'Connor.
"I must also acknowledge the advocacy work by (Wairarapa farmer) Jeanette Walker who was determined to seek justice for the many farmers who found themselves in difficult situations as a result of these swaps loans. Without her tireless commitment it is doubtful the Commission would have initiated this inquiry.
"In simple terms, a swaps loan is a type of fixed rate loan, sold to farmers as a way to manage their interest rate risk. What many were not told was that the bank could increase its margins if they considered the farmer became high risk. This has put some famers under huge financial pressure.
"Farmers are losing their farms as a result of hard sell tactics by banks who have locked them into high interest rates they can't escape unless they pay hefty break fees.
"These tactics have destroyed the important trust relationship that needs to be built between the rural sector and banks as partners in farming for the future."
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
OPINION: This old mutt well remembers the wailing, whining and gnashing of teeth by former West Coast MP and Labour…
OPINION: Your canine crusader gets a little fed up with the some in media, union hacks, opposition politicians and hard-core…