Peters Revealed - Reserve Bank Ignored Government direction

Winston Peters stated to a packed hall at a candidates meeting in Matua, Tauranga, last night, that as Treasurer he made economic directions to the Reserve Bank Governor, Dr Brash, that were totally ignored. Mr Peters blamed Dr Brash and subsequent Reserve Bank actions as the causation of the NZ economy’s exposure to the current financial chaos.

While Peter’s grandstands for political gain by promising to change the Reserve Bank Act he is seriously misleading New Zealanders, as to the truth of on going governments failure to uphold the duty to enforce the law.

Under the Reserve Bank Act the Reserve Bank Governor must take direction from the Government, as stated in the Reserve Bank Act 1989

“Section 12 (1)

The Governor General may, from time to time, by order in Council, on the advice of the Minister, direct the bank to formulate and implement monetary Policy for any economic Objective, other than the economic objective specified in section 8 of this Act, for such period not exceeding 12 months as shall be specified in the order.”

Tauranga Independent Candidate Gray Eatwell said from Tauranga this morning “The irony is that Winston Peters has demonstrated his own incompetence in Government, by admitting that as Treasurer he failed to enforce the law…... to simply change the legislation every time there is a problem is utter deception.”

Eatwell Added "Compliance enforcement is pivotal on making legislation effective."

ENDS

CONTACT

Gray Eatwell

0272149589