Rural NZ top of mind in Copper Services Investigation
The Commerce Commission says connectivity options for rural New Zealanders are front-of-mind as it begins a formal investigation into the future of the copper network.
THE COMMERCE Commission is taking three major banks, ANZ, ASB and Westpac to court over the selling of interest swap contracts to rural customers.
The Commerce Commissions says it has advised those three banks that it intends to issue legal proceedings over their sales of interest rate swap contracts.
The Commission has advised the banks that in its view there is sufficient evidence that they may have breached sections 9, 11 and/ or 13 of the Fair Trading Act (FTA), and that it wishes to place the matter before the Court for its decision.
Commerce Commission chairman Dr Mark Berry says the commission aims to file proceedings in March 2014.
"This has been a very extensive and complex investigation, but that phase of it is almost at an end," says Dr Berry. "We have advised the banks of our views that swaps were misrepresented to rural customers. I expect to have more talks with the banks about these views, and about the different facts that might apply to each of them, over the coming months.
"Because court proceedings are in prospect, the commission will not be commenting further at this time."
The commission is also considering the conduct of other institutions that have sold interest rate swaps.
The commission encourages affected swap customers to contact the commission on 0800 943 600.
Interest rate swaps are a financial derivative product that allows a borrower to manage the interest rate exposure on their borrowing. Interest rate swaps were typically provided to large corporate and institutional customers, but from 2005 were offered by various banks to rural customers throughout New Zealand.
In August 2012 the Commission began enquiring into whether interest rate swaps were misleadingly marketed from 2005.
Farmer-led charity, Meat the Need is calling for donations to enable it to supply more meals to families in need.
Weaker pricing and demand from China continue to impact New Zealand red meat export earnings.
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.
Horticulture NZ chief executive Nadine Tunley will step down in August.
OPINION: The new government has clearly signalled big cuts across the public service.
OPINION: Your canine crusader is not surprised by the recent news that New Zealand plant-based ‘fake meat’ business is in…