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Settlement of historical rural interest rate swaps issue
3 December 2014
Settlement of historical rural interest rate swaps issue
Responding to the announcement by the Commerce Commission and Financial Markets Authority today Graham Turley, Managing Director for ANZ’s Agri business, said:
“ANZ is pleased that it is the first bank to have reached an arrangement with the Commerce Commission and Financial Markets Authority.
“This brings remaining claims over historical rural interest rate swaps marketed, promoted and sold between 2005 and 2009 to a conclusion.
“Over the past couple of years we’ve been working with the Commission and FMA to resolve outstanding historical issues with a small number of mainly former National Bank rural customers who have raised issues.
“We’ve agreed to put a sum of money into a fund which the Commission will determine how to distribute. It will be administered by a third party and a significant amount of money will also go to help the good work of Rural Support Trusts.
“We had already begun a process several years ago to help many rural interest rate swaps customers disadvantaged by the changed interest rate environment after the global financial crisis.
“Notwithstanding customers had access to, and often took legal and other professional advice before entering into their rural interest rate swaps, this arrangement with the Commission brings certainty and avoids years in the courts for everyone.”
ENDS
ANZ Bank New Zealand Limited
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