Green but not much grass!
Dairy farmers in the lower North Island are working on protecting next season, according to Federated Farmers dairy chair Richard McIntyre, who farms just north of the Horowhenua township of Levin.
Federated Farmers says it is time to move on after the Commerce Commission’s $2.97 million settlement with Westpac over the selling of interest rate swaps.
The commission has settled with all the banks – ANZ, ASB and Westpac – that promoted and sold interest rate swaps to rural customers between 2005 and 2012.
Federated Farmers president William Rolleston says the agreements are a fair and equitable solution and it’s time to move on. The banks must pay a total of $23.67m to 256 eligible farmers, says Rolleston.
“While some farmers felt they were not adequately informed of the risks with swaps, it is that important lessons are learned from this. Farmers must get independent advice and be sure they understand the implications of the contracts they sign. And banks must not take that understanding for granted. Trust between banker and client is paramount: it must be earned and can quickly evaporate.”
Westpac will pay $2.47 million to 38 eligible customers who registered their complaints with the commission. Westpac will also pay $250,000 towards the commission’s costs and $250,000 to Rural Support Trusts.
Commission chairman Mark Berry says the settlement was a good outcome for the 38 eligible farmers. “The payments to be made under the settlement are, in our view, a reasonable approximation of the potential losses that the commission could have recovered through any court process.”
Berry says securing a settlement was important in averting the uncertainty of contested and lengthy court cases.
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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