Groups unite against bank
A broad spectrum of sector groups have combined voices in a bid to force banks to listen to reason and lower their interest rates. Federated Farmers, the New Zealand Manufacturers Federation, Tourist Industry Federation and the Consumers Institute leaders have decided on a joint approach to the current stalemate, to highlight the strength of opposition to the trading banks' uncompromising attitute. The group also supports recent criticisms of interest rates by the Dairy Board and the Minister of Finance. The combined group
announced that a deregulation from these and other sectors will meet to discuss their options for possible action to increase pressure on the banks - and to force a resolution to the interest rates issue. "Meantime the banks are squeezing millions of dollars from a struggling economy - at a time when reinvestment funds are desperately required to lift the recovery", he said. "They are also diverting individual householders' funds into meeting their exhorbitant interest charges - money which would be used to boost consumer buying and in turn, increase economic activity and employment."
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https://paperspast.natlib.govt.nz/newspapers/RUBUL19890523.2.62.3
Bibliographic details
Ruapehu Bulletin, Volume 6, Issue 287, 23 May 1989, Page 20
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177Groups unite against bank Ruapehu Bulletin, Volume 6, Issue 287, 23 May 1989, Page 20
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