Commerce Commission briefing on SWAPS loans tomorrow

Press Release – New Zealand Labour Party

The Primary Production Select Committee will tomorrow hear from the Commerce Commission on the controversial banking loans swaps issue.Damien
O’Connor

Primary Industries Spokesperson

27 February 2013 MEDIA STATEMENT

Commerce Commission briefing on SWAPS loans tomorrow
The Primary Production Select Committee will tomorrow hear from the Commerce Commission on the controversial banking loans swaps issue.

The Commerce Commission is investigating and considering evidence from a number of farmers from throughout New Zealand but has yet to decide if it will undertake a formal investigation.

“This is a serious issue that needs careful consideration because it has major implications for primary sector financing,” Labour’s Primary Industries spokesperson Damien OConnor said.

“The briefing to the Primary Production committee takes place from 10.00am and is open to the public. This is the first step in a select committee process to find out exactly what effect these banking products have had on rural New Zealand.”

ENDS

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