regulation tagged posts

NZ Union Calls for More Banking Regulations

January 12, 2010 New Zealand FinanceNew Zealand Taxation

Caution tapeA New Zealand union has called for the government to increase regulations on the banking sector, claiming that the country’s four largest banks paid over 220 percent of their profits in dividends while lowering conditions for workers.

The New Zealand finance sector union Finsec has cried out in protest to ANZ, Westpac, BNZ and ASB banks paying out large dividends while allegedly making jobs redundant, freezing wages and outsourcing work. According to Finsec, the combined profit in 2009 for the four largest banks was NZD790 million, while their dividend issue exceeded NZD1.7 billion.

In a media statement Finsec said that there is a gross misbalance between the amount of protection the banks have provided to their shareholders, and the amount of assistance they have provided towards New Ze...

Read More