Monetary policy review should examine banksÃ¢â‚¬â„¢ behaviour
Thursday 10 May 2007, 5:05PM
ParliamentÃ¢â‚¬â„¢s review of monetary policy needs to look at the behaviour of New ZealandÃ¢â‚¬â„¢s major banks if it is to find alternative ways of curbing inflation, says Andrew Casidy, the General Secretary of the bank workersÃ¢â‚¬â„¢ union, Finsec.
Now that Parliament's Finance and Expenditure Select Committee has agreed to hold a review of monetary policy it needs to ensure its brief is wide enough to come up with new solutions that will take pressure off customers and homeowners.
Ã¢â‚¬Å“The current behaviour of New ZealandÃ¢â‚¬â„¢s major banks is putting increasing pressure on customers, homeowners and the New Zealand economyÃ¢â‚¬Â says Casidy.
Ã¢â‚¬Å“We would like to see the Select Committee consider the pressure banks place on their staff to sell ever-increasing amounts of debt products. This, combined with the huge record profits that banks are sending offshore, means customers and homeowners are struggling, even when our economy performs well.Ã¢â‚¬Â