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Have your say: Inquiry finds banks guilty; Suggests more capital for Kiwibank, enhanced monetary policy
A report on the banking inquiry carried out by Labour, the Greens and the Progressive party into interest margins of New Zealand's Australian-owned banks has been released. The inquiry was set up following concerns that cuts in the Official Cash Rate (OCR), which fell from 8.25% in June last year to 2.5% in April (and has been there since), were not fully passed on to short term lending rates by the banks. In its findings, the report says there seems to have been a clear move by the banks to increase margins between their borrowing costs and short term interest rates charged to customers, although there was "mixed evidence regarding the reasons for this". It also makes a number of recommendations for future policy which include requiring the Reserve Bank to publish regular statistics on the cost of the banks' overseas borrowing, and increasing capital funding of Kiwibank in order to promote more competition between the banks. It also recommends that "further work be undertaken to explore an enhanced monetary policy framework which considers ways of achieving effective control of credit expansion and explores options for achieving a more stable and competitive exchange rate". The full report is reproduced below.
"A number of cost factors impacting on the banks have moved in different directions from OCR changes," the report said. "Further, overseas borrowing costs are now a very significant factor (although the total proportion of offshore financing appears to have peaked). In this area the information about what is actually happening to bank costs is very opaque. However, even after allowing for legitimate interest cost increases faced by the banks which do not reflect in OCR changes, there still seem to have been a clear move to increase margins between the borrowing costs of the banks and short (term) interest rates charged to customers," it said. "For most bank customers a more competitive interest rate structure with lower margins between borrowing and lending rates would clearly be an advantage. However, this does not seem to be something which can be currently achieved by changes in Reserve Bank policies. The Reserve Bank has made clear statements in this area but the major banks have chosen not to respond. Rather, it is an area where a more competitive institutional structure could assist. One option suggested to the Inquiry in several submissions was for government to expand the capital base of Kiwibank in order to promote a more active competition amongst banks." Here is the report. We welcome your insights and comments. Report of the Parliamentary Banking Inquiry
45 Comments
"carried out by Labour" and
"carried out by Labour" and that was enough to make me laugh...notice how these socialist fools are demanding the very things they didn't deliver...what they did leave behind stinks of stupidity and gross incompetence.
Unlikely anything seriously will happen
Unlikely anything seriously will happen under present National led Goverment.
STUPIDITY is that we have
STUPIDITY is that we have to import cheap LABOUR to do the work, while we EXPORT the very person who LED the STUPIDITY.
Then we bring another Exported IMPORT back to do the hard yards, but all they do is more of the SAME.
Around and around we go. Where it ends....NOBODY...knows,
You might say acts, labours, nationalities, moriori killers, one and all, all snorting and not with LAUGHTER, except at the STUPID public.
Some us here recognise the absolute TRUTH....but it seems we are all expected to be too POLITICALLY CORRECT and hampered by the TRUTH to say so.
You can BANK on it...I have no fear of being POLITICALLY CORRECT.
GREED is greed, a rort is a rort, theft is theft, incompetence should not be rewarded.
It is UN-JUST the kiwi way.
No names, no pack drill...Alex.
Hot off the NZMEA press,
Hot off the NZMEA press, enjoy!
'Policy framework needs attention'
The New Zealand Manufacturers and Exporters Association (NZMEA) is backing calls from the Parliamentary Banking Inquiry for a Monetary Policy inquiry. Their report released today recognised that the Official Cash Rate (OCR) is ineffective at managing interest rates, ineffective at controlling credit expansion and causes an overly volatile exchange rate.
The report recommended that "further work be undertaken to explore an enhanced monetary policy framework which considers ways of achieving effective control of credit expansion and explores options for achieving a more stable and competitive exchange rate."
NZMEA Chief Executive John Walley says, "A broad policy review with a focus on how the external stability problem facing New Zealand can be dealt with is long overdue. New Zealand must increase its trade with the world, so exports must grow more quickly and more must be invested in our export capability. The current policy framework has simply has not delivered on this agenda."
"We need a policy framework that underpins and supports export growth. The system we have fails to manage domestic inflation and causes widespread damage to the tradeable sector. A review needs to encompass ways of managing credit volume (as Alan Bollard noted today, "the rise in the New Zealand dollar over recent months could hinder continued improvement in the external balance"), countercyclical lending measures and the influence of fiscal policy (particularly the tax balance)."
"The last Monetary Policy review conducted in 2007 failed to give any useful analysis of the alternative options. Now that the economic crisis has made the imbalances in our economy painfully clear a more serious attempt at addressing these issues is warranted," says Mr. Walley.
"The Parliamentary Banking Inquiry has accurately identified the issues. These are the OCR's lack of effect on non-tradeable inflation, its perverse effect on the exchange rate and the tax imbalance that skews investment away from the productive areas of the economy."
"These structural issues with the economy must be dealt with. Tinkering around the edges will not work."
Got that, "Tinkering around the edges will not work."
Stop tinkering John and Bill - what's holding you back?
Who is holding who or what back, where and why?
http://www.interest.co.nz/ratesblog/index.php/2009/11/11/special-report-...
I'm with Wally - in
I'm with Wally - in that Winston Peters/NZ First had been calling for reform of the Reserve Bank Act for as long as I can remember - and Labour in all their 9 years did nothing. It is a bit rich now that they decide to get off the back-ends once in Opposition.
Somehow, I think only social activism will get any government-in-power to move on this issue. Effectively power will need to be threatened and ridiculed into action, and waiting for another electoral cycle is just futile. NZMEA activity with respect to submissions and media releases has been proactive and notable - but joining forces with Fed Farmers and actually taking a more activist approach might produce the more immediate results the country needs.
<b>No, there's nothing to be
No, there's nothing to be seen on this thread. Just a bunch of socialists trying to justify the expense of another wasted committee meeting, and to extort more money for their only little wet dream of a bank by envy mongering. Bernard has already proven no gouging. Move along please, you're blocking up the Internet here needlessly.
Can someone shake / shoot
Can someone shake / shoot / cattle-prod these Labour fools , to wake them up . ' Cos they are still under the misapprehension that they are in power ............ Hello team , your time is up , exit left , go straight to purgatory , do not collect $ 200 .
Get that blue tie out
Get that blue tie out Mark. I hear you been invited to the Labour Party banking committee investigation celebration drinks night.
Sadly, that sort of analysis
Sadly, that sort of analysis is part of the problem "“ left v right analysis as against right v wrong "“ the other side said, wrote or thought this so I can just reject it. Yes Labour missed a lot chances to improve things, yes they made mistakes but the people who took the trouble to submit to the enquiry looked for a serious attempt to consider the problem "“ read it come to your own view.
This is not a power issue, all could have joined the debate. Or is it there sufficient debate here in New Zealand? Are things so good we need not consider change? Who should be doing that - deep change (in a 3 year election cycle) needs cross party support. Should we not seek that?
The pain inflicted as in intended consequence of local monetary policy and fiscal bias to the domestic economy is starting to broaden the community of interest in the tradeable sector, we are doing all we can to encourage this to happen.
John - you are wrong
John - you are wrong - this is a power issue. Presently and previously, the Government, the RBNZ and their mates, the banks/financial sector have all the power.
Kate - you make the
Kate - you make the point about "joining forces" with other organisations, I hope more of that happens where we share a mutual interest. This inquiry is a good case in point if you look at the submitters described on pages 7 & 8 of the report. As you have mentioned them, I see that, unsurprisingly, Federated Farmers were doing right by their members and made a submission. However what of other associations representing business and employers? I see EMA (Northern) listed, but it appears the various chambers of commerce, EMA (Central), Export New Zealand and Business New Zealand ignored the inquiry - maybe they had good reasons? I can only say I'm glad I'm NOT a member of one of the Business New Zealand organisations:
http://www.interest.co.nz/ratesblog/index.php/2009/09/24/exchange-rate-r...
Which brings me to another point....
Bernard - I for one have really enjoyed the very interesting articles we get from some of the business associations that you've published on Interest .co.nz, for instance FF, Business Round Table, NZMEA and PEC - all which have got us thinking and debating about how to improve NZ's economy. So given the holes we see in the submitters list of this banking inquiry, I'd like to suggest that you invite Business New Zealand and the CEO's of the it's constituents (the chambers of commerce, the two EMA's and Export New Zealand) to also submit articles, not necessarily about their views on the banking inquiry, but like others we enjoy, articles about improving NZ's economy, or aspects of it, maybe also MRIENZ could contribute too?
Cheers, Les.
<b>Labour are NOT in power
Labour are NOT in power ! Why the Sam Hill is anyone bothered with their grandstanding ? They were in government during these ( alleged ) banks rorts , and finance company failures , and did nothing then !
Roger - and I'm glad.
Roger - and I'm glad. We needed a change, even if only a little bit. How'd y' do that bold thing? Can you do colours? Have you read the report? What bits did you negatively appreciate, and what bits did you positively appreciate? Just try to forget it was done by 'Lefties' and see what you can appreciate in terms of right for us, and wrong for us. Hey, they are getting paid, may as well get something out of em. Cheers, Les.
Mark H . has the
Mark H . has the link . Easy to follow . Highlight , italics , etc . " Special formatting HTML commands .
<b>Les : Easy to do
Les : Easy to do but not so easy to describe . Pretty cool , once you get the hang of it .
Les, everyone knows the Chambers
Les, everyone knows the Chambers and the BRT are chuffed with things as they are - lobbying very effectively for more of the neoliberal status quo - waste of time listening to their broken record... "hands off", "market rules", "attract foreign capital" etc. etc.
Time for NZMEA and Fed Farmers to take to the streets before it's too late as a result of the constantly dwindling member/numbers amongst their ranks. Along with the unions (what's left of them!) - you should be mobilising every factory floor worker who has been made redundant, every union member who has recently lost wages due to strike action, every student union member who is going to find no jobs when they finish their degree, every pensioner who has seen their life savings inflated away or stolen by one of the financial elite.... and so on.
These are the ranks of average New Zealanders who only need some major organising force to provide the publicity and the venue to ensure the numbers turn up in force - before the IMF does!
Roger - I'm not cool!
Roger - I'm not cool!
Kate - I'm not a revolutionary! For a while though I've been thinking a well organised, but more importantly, a well communicated (did that come out in bold purple italics with red and blue spots?) CIR - from which a mandate for change can be taken. But, it really comes down to who benefits most and such need to get on and do it and I'm thinking X&Y, led by Alex and Bernard.
You can't have people like me doing all that, I'm just too old - I remember when Centurian was a rank, not a tank!
Les, I'm not advocating you
Les, I'm not advocating you (or any other individual) do the organising - I'm saying it has to be a joint effort by organisations like NZMEA and Fed Farmers.
Look what the F&S hikoi did - a new viable political party, the Maori Party was formed out of the momentum garnered by that mobilisation and demonstration.
As John Dryzek has said about democracy - real change almost never comes about through the State - it is almost exclusively the result of actions in civil society.
The opening up of our
The opening up of our economy in the 80s wasn't done by the civil society Kate, but with only a few exceptions I think I agree with you. Perhaps its more correct to say the best changes and potentially the longest lasting come from actions of the civil society.
From page 50. "Among the
From page 50.
"Among the other issues noted in submissions, the fact that the current monetary policy regime has been associated with sustained current account deficits is the greatest cause for concern. The laissez-faire or "˜consenting adults' view that current account deficits arising as the outcome of lightly regulated markets should be presumed to be benign can not stand in the light of the pervasive market failure revealed by the crisis. Continuing current account deficits remain an important source of vulnerability for English-speaking economies including Australia, New Zealand, the UK and the US. A more comprehensive inquiry into the financial system should examine this issue."
"Overall, the evidence supports the inference that banks have failed to pass on the full benefit of reductions in the OCR and of lower costs for other sources of funding, partly the result of public guarantees. The most plausible reason for this failure is that banks are seeking to recoup past losses from bad debts. In a competitive industry this would not be possible. Firms would have to bear the losses associated with their past mistake, since competitors would not follow them in raising prices. By contrast, in an oligopoly, where all the major banks have incurred significant losses, none is likely to prefer competing for market share to restoring accustomed levels of profitability."
Good business if you can get it eh?
From inquiry report: "Monetary policy
From inquiry report:
"Monetary policy is an extremely sensitive area. Any evolution of policy would need to
be appropriately analysed and its advantages, disadvantages and implementation
requirements carefully explored before any decisions were made. Maintaining the
strength and integrity of the banking system and the confidence of international
markets would be very important. In this context it would appear highly unlikely that a
major political party would wish to compromise the independence of the Reserve Bank
of New Zealand."
Well, what a disgrace, more hoodwinking lies from those that are that complicate in prostrating the basically decent majority of NZ citizens to the foreign raiding banking corptocracy, that every current political party in this nation, bar one, cant or wont even tell the people the truth of the many levels of banking even though they received one submission in particular that presented from the horses mouths irrefutable facts of exactly how our credit/money supply currently enters circulation. This report purposely diverts attention to the internal domestic banking institutions whilst giving little detail of how our "powered credit/money base" enters through the central banking portal, and not even one mention of the NZ Debt Management Office that handles our debt dealings with the outside world, let alone the fact that the RBNZ has recently been dumped in its compacity of acting as an "agent" for the RBNZ and that the NZDMO has recently handed over the handling of those processes to a US central bank called Nortern Trust, who are named as "custodians".
Those of you who have already responded to my past pleadings, I thank you immensely, those who haven't, to get an insight into the peice of bunkum this report is, and what bunkum the current National Party Executive are spewing out, can I once again beg you to read my submission to the unofficial banking inquiry, and peruse the excerpts of the 1956 report into the 1955 NZ royal commission into monetary, banking, and credit systems:
http://publiccreditorbust.blog.com/2009/08/31/iain-parkers-submission-to...
http://publiccreditorbust.blog.com/2009/10/23/1956-report-of-1955-new-ze...
After reading the above you will understand what they occasionally allude to but never fully disclose with paragraphs like these these"
"However, there is mixed evidence regarding the reasons for this. A number of cost
factors impacting on the banks have moved in different directions from OCR changes.
Further, overseas borrowing costs are now a very significant factor (although the total
proportion of offshore financing appears to have peaked). In this area the information
about what is actually happening to bank costs is very opaque."
"That the Inquiry has focussed attention on a series of serious defects in the
current monetary policy framework. These include ineffective control of credit
expansion, and an excessively volatile exchange rate which is disadvantaging
exporters and the tradable sector."
"That further work be undertaken to explore an enhanced monetary policy
framework which considers ways of achieving effective control of credit
expansion and explores options for achieving a more stable and competitive
exchange rate."
"The events indicate that the OCR is not an instrument that will always work as
designed. At best the policy will increase or decrease the price of money. The banks
may continue to expand their lending in case of an increase in the OCR. As long as
they are all doing so at the same rate they may avoid having to borrow from the
Reserve Bank. It may also pay them to borrow more from overseas."
"A year after the rescue of the global financial system very little progress has been
made, at national and global levels, towards reform of the system of the financial
regulation system. The incentives that encouraged banks and other financial
institutions to engage in unsound practices, and led to the overexpansion of the
financial sector relative to the business sector as a whole remain in place."
"In short, the taxpayer has a large financial interest in the banking
system since taxpayer funding and explicit and implicit
guarantees underlie much of the banking system's favourable
financial situation. In turn the taxpayer is entitled to expect that
the banks will act as good corporate citizens."
We folks are being sold down the river by a house of representatives full of Fools or Liars.
Kate, you can forget about Winston Peters, I have spoken to people who have been present when he has spoken candidly of the flaws of the central bankers debt based monetary system, yet when he has had the chance to truly make a difference, he to prostrated us to the Money Masters.
The time for a lot less hui and a lot more doey is upon us, or forever hold your peace.
With another shout complete that is probably going to go straight past the house traders and into cyper space, I must hit the sack to get back at the hamster wheel early in the morn.
Cheers
Iain
PS nice work NZMEA
"The issue which has swept
"The issue which has swept down the centuries
and which will have to be fought sooner or later
is the people versus the banks." (Lord Acton 1834-1902)
Yes, Malcolm - banks -
Yes, Malcolm - banks - the institutional basis of the privatisation of money supply in within a capitalist economy.
Iain, are you referring to Peters' time as Treasurer?
Kate - I think you
Kate - I think you will find that Lord Acton was a capitalist. (Probably why he had such a dim view of Bankers!).
So Malcolm - bankers are
So Malcolm - bankers are not capitalists but socialists?
Kate - all I can
Kate - all I can say is that actions speak louder than words.
"Liberty is not the power
"Liberty is not the power of doing what we like, but the right to do what we ought."
Ought to do what?
Whatever Helen Clark told you
Whatever Helen Clark told you , that you ought . After 9 years of nanny , and you still didn't get that . To the back of the class , horrid little boy !
Thompson, if you do not
Thompson, if you do not behave, you will lose gummy bear privilege for a week! Now BE NICE to the other children!!! (and go to bed, it is past lights-out)
Hmmmmm are we actually a
Hmmmmm are we actually a free market economy?
Where does it say that a business has to reduce its costs at all? A business' job is to make money for the owners - something the socialists despise. If you have a situation where you can make a little more profit to build up your reserves then you, as a business in a free market society have that right.
If the government says that a business can not set its own prices for goods and services, then you have not got a free market. You have a command economy - very much like China.
The bottom line here is - if you don't like the prices you are offered - don't buy the service!! Take your business else where. Of course once you have sold your soul for 360 easy payments, you have no alternative but to pay the piper. You knew the terms at the beginning of the deal.
One way to make the banks lower rates is not to borrow money... but financial prudence and buy only what you can afford is a barberous relic in the same realm of gold, isn't it?
@Kate Bankers are leeches who
@Kate
Bankers are leeches who suck the life out of the economy.
They exist in an unholy alliance solely to allow a governent to spend more than it can steal from its citizens in taxes. Infact, you can argue that they necesitate taxation to pay the interest on the money the government borrows to spend.
Martin, you say - "The
Martin, you say - "The bottom line here is "“ if you don't like the prices you are offered "“ don't buy the service!! Take your business else where. Of course once you have sold your soul for 360 easy payments, you have no alternative but to pay the piper. You knew the terms at the beginning of the deal."
Monopolisation of course destroys the basis of your little "freemarket" defense, when a corporate entity is allowed to monopolise a citizen necessity of life, the ideal of "discretion" no longer exists.
Your point about citizens being responsible for taking on debt and on what terms, seems on the surface a valid one until you start scratching, stores offering hire purchase terms of 3-4 years interest free, no deposit, very little credit worthy checks, and even if there were, the volitility of the current "manipulated market" takes any certainty out of any forecast. These stores make the sale, then the debt is taken over by the likes of GE Money etc, who if you study the ownership trail can be traced back to a central banker who have the ability to "underwrite" the transaction with their "created credit", not anyones hard earned savings, these terms offered are like putting toddlers in a candy shop unsupervised and teling them not to eat anything.
Have a good day
Iain
Public Credit Advocate
Martin - free markets are
Martin - free markets are cool, when freedom of choice is not a fantasy:
http://www.pec.org.nz/2009/11/bollard-calls-for-exchange-rate-stability/...
Martin - I'm sure Iain
Martin - I'm sure Iain is right here. There is no 'free market' because debt is effectively imposed. If we all went back to cash purchases (as is our theoretical right) government tax revenues would collapse and they would simply borrow even more - from the same people whom Joe Public had decided not to borrow from. I suspect this is something offered forgotten by those who are 'mortgage free' with some savings etc. They still owe a proportion of the national debt - which is literally exploding - and, as the lesson of Weimar Germany reminds us, they are the group most likely to be 'wiped out' if hyperinflation follows in due course.
From a historical perspective its getting very interesting to watch this, especially in Britain, because it was the imposing of massive debt - at outrageous real rates of interest on the Iceni Tribe - that was a major factor in triggering Queen Boudicca's rebellion against Imperial Rome. The only way to deal with this is to get control of our money supply. I am a gold standard man, others will have different ideas, but we share a common enemy - the banker!
So the focus for me
So the focus for me here in 11.1 are as follows:
1. Realisation that there has been no control over the quantity of credit being issued.
2. That the tax system drives investors towards negatively geared property trades.
Another wasted opportunity. This inquiry had every chance to go further and focus on the process by which credit is created. Then we may finally get somewhere. The way to control the quantity of credit is to have it issued by a monetary authority into the economy. no more inflation and no more devaluation of money.
Bill English has flagged concerns over the LAQC system. But really the government needs to really be clear on that as removal of the LAQC will see property prices fall to bring yields back into line. They really need to get onto this sharpish.
As for the OCR and rate pass throughs..a huge red herring. The banks are privately owned institutions and can charge whatever rate they like. It's easily dealt with.........publicly created new money and banks acting as savings and loans institutions (like finance companies).
Done.
Raf's proposal is the only
Raf's proposal is the only equitable future for our children and grandchildren. More than anything I think it a real crime of our times that they should have to pay for the debt binge of their ancestors. They are going to have enough to deal with given the rate at which we have degraded the environment.
They have a right to a sovereign money supply.
@raf, "As for the OCR
@raf, "As for the OCR and rate pass throughs..a huge red herring." Indeed, but the game-plan was not to waste a good inquiry and the opportunity to communicate some serious issues. Issues that have been avoided for far too long, to everyones' detriment. I agree, shame they didn't go further, I hope they will, as I don't think it will end here. Did you make a submission? If not maybe you should even now, noting that Iain Parker, NZMEA and PEC's submissions included alternative ideas on money supply. Good luck.
So Iain, do you agrre
So Iain, do you agrre with idea of puring more capital into Kiwibank. Is Kiwi bank our best defence, and how can be utilised. Or it's pointless under present goverment/system?
We don't need to be
We don't need to be giving Kiwibank more money to lend on real estate. What we need is more developed capital markets.
another Labour initiative ... aren't
another Labour initiative ... aren't they like annoying flies buzzing around your ears?
Wash out your mouth ,
Wash out your mouth , gingerbreadman . Why offend a fly , with comparison to your Labour party . Don't you be racist to us .......Gotta go , time flies . Bye !
When Labour replace the clapped-out
When Labour replace the clapped-out Clark/Cullen era personnel , with some fresh faces . Some new ideas . No old allegiances to the Greens / Jim Anderton / etc . Well then , we may listen , to the new message . But Goffy / King / Parker / Carter / Cunliffe / you failed pollies of the past , you gotta do the party a favour , and clear off .
Kate/Jacko, Thanks for your support.
Kate/Jacko,
Thanks for your support. I didn't bother with a submission as it never makes a difference. Jim Anderton knows all about this and yet never talks about it...he met Michael Rowbotham (author of the Grip of Death: A Study of Modern Money, Debt Slavery and Destructive Economics) about 9 years ago and discussed it openly with him then. It will come eventually....at some point people will get fed up with their money being constantly devalued and their house prices artificially hiked. Mind you look at the UK and the US.......
Taxpayer,
Lowell Manning and I put a proposal to Bill English about 6 months ago to use Kiwibank as a way of injecting new liquidity into the domestic market. They refused even to discuss it.
DC,
Kiwibank could lend into the business market as well. It's a great channel for domestically created money. But I agree we need better capital markets...however i just don't see this happening at the moment......the sooner the NZX mergers with the ASX the better.....then we might see more depth in our markets.
Taxpayer - It depends on
Taxpayer - It depends on what type of capital and where it comes from, if Kiwibank were to do as TSB does for Taranaki and use in a plain vanilla fashion the central banker credit already in circulation, use this capital to keep out of control private banks in check and return a dividend to the New Zealand community in the national interest, then yes, as the return on the taxes committed would create much benefit down the food chain and exceed the initial input. but, if Kiwibank source the created credit capital of the privately owned central banking network on the "wholesale" money market, as they are now doing under the new National Government, all the benefit of being one of very few countries in the world with a "peoples" bank will be lost and your/our taxes start pooring of shore to service foreign private debt, bogus created credit at that.
DC - The Freemarketeers and the international speculators(manipulators) vote us the most (open) market in the world and the most trusted to do business, mainly because we provide all the modern financial sector means of exchange that allow us to be plundered at will, if you are suggesting we need to develop this further, may I inquire as to what you do for a living? as you are either a fool or a locally recruited co-operative seeking to become an overseer of the peasantry within the foreign banking corptocracy theifdom.
"Lowell Manning and I put
"Lowell Manning and I put a proposal to Bill English about 6 months ago to use Kiwibank as a way of injecting new liquidity into the domestic market. They refused even to discuss it."
Too much risk of supporting our sovereignty and allowing ascendency of alternative wealth creation sectors that would threaten the status quo that supports concentrated land and property ownereship - that involves far too many parliamentarians and their indirect interests.
Tossers.
Good try though Raf, don't give up.
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