Risky business
OPINION: In the same way that even a stopped clock is right twice a day, economists sometimes get it right.
The Bill, it is hoped, will stop lenders from unfairly debanking legitimate businesses and industries (such as petrol stations) on ideological grounds.
As Feds' banking spokesperson Richard McIntyre says, "Banks have been under huge pressure recently for some of their more unpalatable lending pressures. This Bill [will] add to that scrutiny and shine a white-hot light on big banks that have been forcing their ideological views down the throats of New Zealanders".
While not their Bill, the Feds are claiming this as a moral victory for them.
Fair enough too, they've been vocal critics of the banking sector in recent years and helped get the select committee inquiry currently underway.
