INDEPENDENT NEWS

Leaked Agreement would lock in failed neoliberal model

Published: Fri 20 Jun 2014 01:56 PM
Media Release: FIRST Union
20 June 2014
Leaked Financial Services Agreement would lock in failed neoliberal model
Today Wikileaks released the secret draft text of the Trade in Services Agreement (TISA) Financial Services Annex, ahead of the next round of TISA negotiations in Geneva next week.
The leak shows the negotiation is being spearheaded by the US and EU and the New Zealand government is willing to unquestioningly accept these rules, says FIRST Union General Secretary Robert Reid.
“We’ve long lobbied against the highly undemocratic nature of similar multilateral negotiations like the TPPA, but this appears to be even worse. This has the fingerprints of the world’s largest banks, finance and insurance companies all over it,” said Reid.
“What we see in this leak is these same banks and finance companies seeking to lock in the failed neoliberal model and circumvent regulation that could affect their future profitability, while governments are aiming to deregulate our financial sector and those of our major trading partners even further.
“New Zealand was largely insulated from the GFC due to the fact that our banks are Australian-owned, where the financial industry is more tightly regulated.
“There are already dire warnings from Australia that TISA will threaten these rules. Where their banks go, ours go too. Greater risk, more competition and higher profits for the Australian banks threatens their New Zealand customers and the jobs of our members in the finance industry."
"New Zealand has done little to tighten the rules in response to the financial crisis, and the finance company and other home-grown scandals. The last thing we need is to take the hands further off the rudder."
“We desperately require a public debate on how to reform our super-profitable financial sector that currently rewards and encourages damaging risk-taking behaviour. The government should abandon these ill-conceived negotiations and focus on putting the financial house in order at home".
Ends.
First Union
Putting Workers First
FIRST Union is New Zealand's second-largest private sector trade union.
Formed in 2011 after the merger between the National Distribution Union and Finsec, FIRST Union represents 27,000 workers in the Finance, Industrial (Textile and Wood), Retail, Stores, Transport and Logistics sectors.
FIRST Union is also affiliated to the New Zealand Council of Trade Unions and runs several networks including the Union Network of Migrants, the Runanga, Fono and Womens' Committee. In 2015 FIRST Union launched Samoa First Union, Samoa's only private sector union.
Join FIRST Union today for higher pay, better conditions and more say at work.
Contact First Union
Website:
Twitter:
YouTube:
Phone:
0800 863 477
Facebook:
Email:

Next in New Zealand politics

COVID-19 Immunisation Starts For 5 To 11-year-old Tāmariki
By: Ministry of Health
Duke Of York’s NZ Military Patronage Appointment Ends
By: New Zealand Government
Have Your Say On Proposed Changes To Make Drinking Water Safer
By: New Zealand Government
Law Changes Locking Out Home Seekers, Urgent Meeting Sought With Government
By: Financial Advice New Zealand
Powering NZ’s Future With Biofuels
By: New Zealand Government
Three Waters Mandate Predetermined From The Start
By: New Zealand National Party
View as: DESKTOP | MOBILE © Scoop Media