Federated Farmers hails rural banking report
Federated Farmers says the final report into banking competition is a significant step forward for rural New Zealand - and a vindication of the farming sector's concern.
Architect of the bill, ACT rural communities spokesperson Mark Cameron says, "Farmers are already seeing discrimination creeping into interest rates based on perceived emissions. They fear they'll be the next to be 'debanked', not because of financial risk, but because they don't fit the agenda of the suit-and-tie bigwigs. We've already seen it happening to essential industries like mining and service stations."
Your old mate reckons three cheers for anything that knocks back these rules, which are the ultimate virtue signal.
They reduce banking competition and force significant costs on lenders - and therefore borrowers - for no environmental gain.
