Source: Federated Farmers
Federated Farmers is calling the final report into banking competition a major step forward for rural New Zealand – and a vindication of the farming sector’s concerns.
“This is the most significant progress we’ve seen in a generation on rural banking issues,” Federated Farmers banking spokesperson Mark Hooper says.
“Federated Farmers fought hard to make this inquiry happen because we knew many farmers were getting a raw deal from their banks and felt greater scrutiny was needed.
“Throughout the process, we’ve raised firm questions and put forward constructive suggestions for how the banking system could be improved for all New Zealanders.
“Politicians have clearly listened, recognising that farmers have been facing an unfair playing field for too long – and now they’ve presented concrete changes to start fixing it.”
In a long-awaited report released today, the Finance and Expenditure Committee has recommended greater transparency and oversight of rural lending.
“Federated Farmers asked for changes to ensure regular and direct scrutiny of banking booses – and this report has delivered just that,” Hooper says.
“Six-monthly appearances before the Finance and Expenditure Committee should keep the big banks honest, with significantly increased accountability and political oversight.
“It also puts the spotlight on their lending behaviour and profitability and s
