Govt gives nod to banking inquiry

However, the probe will feed into an overall inquiry report on banking competition.

ACT MP and committee chair Mark Cameron says he look forward to discussing with members of his committee and the finance and expenditure committee the terms of reference for an inquiry.

He will also discuss holding joint meetings to hear evidence from submitters and preparing a report on rural banking to feed into an overall inquiry report on banking competition.

“I’ve heard from countless farmers about the disparity between rural and urban bank lending practices, and I have been working on this issue since I became chair last year.

“In February, the Committee opened a briefing into rural bank lending, and we heard numerous concerns from farmers and others in rural communities.

“Based on this feedback, the Committee considered this issue was worthy of further scrutiny.’

Cameron says banks play an important role in communities.

“And we must ensure they’re operating in the best interests of all New Zealanders. Where issues like overly burdensome regulation that pushes up costs and compliance exist, this is an opportunity to put a target on it.

“I look forward to progressing this important piece of work to ensure the best outcome for rural New Zealand.”