INDEPENDENT NEWS

Congratulations to BNZ & Westpac – Roger winners

Published: Tue 7 Mar 2006 09:53 AM
Media Release
7 March 2006
Congratulations to BNZ & Westpac – Roger Award winners
“My congratulations to the Roger Award winners, the BNZ and Westpac. They are deserving winners and I am sure they give due credit to the rest of their team members, the other overseas owned banks,” says Democrats for social credit Finance Spokesperson John Pemberton.
“It is no mean feat for the collective banking fraternity to be able to burden New Zealanders with debts of over $300 billion dollars and yet still have the gall to force their staff to sell each and everyone of us even more debt.”
The interest charged on this debt is nothing short of usury, Pemberton continues. Interest costs subtly and some times quite blatantly erode pay packets more than taxes and rates do.
What is worse, these non New Zealand banks, who own much of this debt, rapidly send the profits to their overseas owners. The two organisations running the awards, CAFCA and GATT Watchdog, have done well to highlight this fact, Pemberton says.
“The benefits of New Zealanders owning and controlling their own banking system and money supply mechanisms can not be underestimated.”
“The growing role of Kiwibank, The Taranaki Savings Bank, SBS, Credit Unions, PSIS and other New Zealand owned banking organisations, by keeping their profits in New Zealand, will benefit us all.”
ENDS

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