David Seymour sides with banks after ‘disappointing’ advice from Regulation Ministry
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- Regulation Minister David Seymour asked for advice on the Reserve Bank’s capital requirements for banks earlier this year.
- The advice was released to the Herald under the Official Information Act.
- The Reserve Bank is currently reviewing the rules.
Regulation Minister David Seymour sided with New Zealand’s big banks over the advice of officials from his own Ministry for Regulation on the issue of how the contentious bank capital rules should be calculated and compared.
The rules, which were unveiled by the Reserve Bank in 2019 and are being phased in, require trading banks to hold considerably more capital for the lending that they do.
This makes the banks far safer and less likely to collapse. However, all sides acknowledge it comes with a cost.
The rules make lending more expensive, which means that banks do less of it, which ultimately means the economy does not grow as large as quickly as it would do had the rules been less onerous.
Whether that cost is worth the benefit of stability has caused one of the biggest and most fraught economic scraps in history – and it could have been the reason why Reserve Bank Governor Adrian Orr abruptly resigned in March.
TDB told you that the reason Adrian Orr quit was because the intense cuts to the next budget and because Nicola Willis wanted to lower the capital requirements for our banks, it’s good the mainstream media are now acknowledging that.
Free Market Wellness Influencer David Seymour is sad sad because the Aussie Banks are forced to protect our money from their greed!
Why the fuck we are thinking of doing this at a time when there is real threat to the global economy is beyond stupid.
Orr was hated by the 4 Big Australian Banks because he was the one demanding they hold high enough capital levels to look after New Zealanders because Orr knew in his heart of hearts that if a serious economic shock hit Australia or NZ that the 4 Big Aussie Banks would immediately cut our throat to protect their own.
No Kiwi can be stupid enough to not expect the 4 Big Aussie Banks who have robbed us blind to cut our throats if they needed to.
That was what Orr was protecting us from, he has been forced out and now we wait to see if the 4 Big Aussie Banks get their stooge.
Under this Government it is impossible to see that they won’t.
Here’s the risk.
NZ Initiative Acolyte Nicola Willis and Free Market Wellness Influencer David Seymour will decide the Banks can have way less capital just as Trump primes the economy for global collapse, Orr’s worst fears will be realised and as Trump’s global realignment hits us, the Aussie Banks will gut us and run
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I think you are100% wrong. The Aussie banks won’t ‘gut us and run’
They will gut us, but then they will squeeze us in case they missed a bit and then they will sit, on their rocks, and wait for our children.
Correct Peter and the same can be said of Willis and Seymours budget. We will get gutted and ad Hipkins said Willis might as well give tickets to Australia for our public servants as she drives them off. Let’s not forget she was quick to borrow for the tax cuts and landlord rebates that weren’t necessary yet her government are telling our best and brightest doctor’s to take a pay cut.
All that is typically national .
‘The tax cuts and landlord rebates that weren’t necessary”
Necessary! – By God sir! You are obviously not a landlord or a ‘sorted’, wealthy bastard.
Damn it all – need those tax-cuts to keep paying all m’ex-wives and bastard children.
@ Yep. Peter and @ NASC
The Press. 2023.
“Really, they are some of the most profitable banks in the world.”
But Barrett sought to defend the banks during an analyst briefing on Tuesday, suggesting their profitability was partly the result of subsidies provided by their Australian parent banks.”
https://www.thepress.co.nz/business/350094635/nz-banks-some-most-profitable-world
What that says to me is that the australian [parent banks] are making sure what was our own, and now theirs, Kiwi banks are keeping their boot firmly on our necks because we’re australia’s agricultural primary industry competitors.
Tell me? Anyone? What would YOU do if you learned that australia was deliberately making life easier for themselves by impoverishing us? Get miffy and kick the cat?
Or… Go to wellington and kick politicians? And I mean a proper fucking kicking.
Dirty, easily corrupted Kiwis did, and are doing, this to us. What should they expect in return?
Lets start by asking ron brierly, the kiddy porn collector and titan of Nu Zillind industry thinks about that? Lets ask fay and richwhite what they think.
Go here. Gently put the cat outside, pop a trank and read this slowly. And make sure you get the other five related reports.
Business Desk.
Looking Back – BNZ Part 6: The bank adopts Fay, Richwhite proposal
https://businessdesk.co.nz/article/the-life/looking-back-bnz-part-6-the-bank-adopts-fay-richwhite-proposal
The main, most vital and important element of having three useless fuck politicians like luxon, seymour and dirty fucking peters where they are is use their liar credentials to keep a lid on the deep, dark, bullshit filled cesspool that’s our politics and our economy from the dawn of the national party back in 1936. Aye boys?
seymour’s merely a weedy little mouth piece for Big Crims with more to hide than most of you could imagine.
Short of asking the crown for a royal commission of inquiry we could crowd-fund a public investigation up and into the aforementioned. Let’s see why one of the most beautiful, hugely productive and underpopulated countries left in the world is fucked and yet we have 14 multi-billionaires, 3118 multi-millionaires each with a starting gate minimum of $50 million net and four now australian owned banksters here reportedly being the second most profitable in the world, second only to Canada?
All that is typically national .
If an aussie bank fails Seymour will bail it out and your great grand children will be paying tax to pay off the govt bail out which will be borrowed from? An unfailed aussie bank.
Here we go round the raspberry bush, early in the morning still half asleep as always, round and round. And there is no way out like in ya regular maze, this one’s circular and we are human Phar Laps. Wanna bet? Heigh ho.
Looks like we might have to annex them after all…Bugger!
Bank capital adequacy ratios have a long sad history of being reduced and reduced and then when the proverbial inevitably hits the fan, the titans of finance get bailed out.
I think Mister Orr made some mistakes, but at the end of the day I think he understood why the banks need regulating.
Bailout after failure after bailout after failure after bailout. . . inject equity next time!
I’ve just received a book I ordered on line.
The title is ‘ The Invisible Doctrine’ The secret history of neoliberalism (& and how it came to control your life) by George Monbiot and Peter Hutchison.
A classy little hardcover book and reviews very well.
Our politic isn’t that, as I’ve written many, many times here, so what is [it] then? I became alerted to the word ‘neoliberalism’ 40 years ago by a friend studying psychology at Canterbury Uni and have made coming to understand the label as best I could and I’ve come up with this brief explanation. ‘neoliberalism’ is simply another word for a ‘confidence trick’. Neoliberalism is, in fact, a con job albeit a highly complicated one to steal our taxes paid for assets and services then make them spin cash for privateers one step ahead of us in their game.
” Know your enemy and know yourself and you will never be defeated.” Sun Tzu.
The staggering litany of lies told to us by the opportunists within our society and our politic to steal our taxes paid for resources and assets so as they can lay claim to being multi-billionaires and multi-millionaires is mind fuckingly twisted and has, in and of itself, something akin to a criminal genius about it, but really, no. It was just a few liars and manipulators taking advantage of being first out the starting gate to steal our taxes paid for stuff and things. And there’s dirty little Godless seymour now trying to fool us twice, not doubt at the behest of his grand criminal masters including, of course, roger douglas but also don brash, derek quigly, mike moore etc etc.
Documentary.
THE INVISIBLE DOCTRINE
https://theinvisibledoctrine.com/
yet robo wanted a deposit protection scheme… pretty much a green light to banks to fo super risky and stupid shit cuz the govt will just bail them out.
epic stupidity from both sides of govt.
Oh well – the sideline wiseguy by the sound (of trumpets).
To add something of worth – trumpets reminds me of John Mortimer’s trio of books on the
political rise and fall of an ambitious, able and combative social climber.
Paradise Postponed (1985)
Titmuss Regained (1990)
The Sound of Trumpets (1998)
Incorrect, the onus would be on the banks. Not sure where you get your information from but one thing is for sure, Willis is bat shit stupid.
Saymore does not impress and I thought of him when reading this – excerpt.
https://medium.com/a-different-perspective/jung-on-hitler-and-the-archetype-of-the-madman-6cfc1afaa450
The psychologist Carl Jung was a Swiss national, served in World War I, and kept a close eye on Germany when Hitler and the Third Reich were spawned. In 1936 Jung acknowledges in an article the growing German menace, comparing Hitler to the Norse God Wotan who represented irrationality and apocalyptic events. Wotan was the Nordic god of war and had long been a cult figure among Germanic people. Wotan was known as a great magician and could intervene magically in battle with his paralyzing power.
This god was also a shapeshifter, taking on guises and other personas as he saw fit.
Wotan was an actor in dark and dangerous theater….
Further on – hard analysis that can apply to Kiwis.
“All these pathological features — complete lack of insight into one’s own character, auto-erotic self-admiration, denigration and terrorization of one’s fellow man (how contemptuously Hitler spoke of his own people!), projection of the shadow, lying, falsification of reality, determination to impress by fair means or foul, bluffing and double-crossing — all these were united in the man who was diagnosed clinically as an hysteric, and whom a strange fate chose to be the political, moral, and religious spokesman of Germany for twelve years. Is this pure chance?”
[This can be applied to some of our politicians like Seymour , and thinking wider to Tusk and other heavy-footed crushers.]
Jung suggests a more accurate diagnosis of Hitler’s condition “would be ‘pseudologia phantastica’ which is characterized by a peculiar talent for believing one’s own lies.” For a short time, such people can meet with remarkable success, and are therefore dangerous. Jung writes that Hitler’s theatrical, hysterical gestures struck most foreigners as ridiculous. He adds a personal observation:
Seymour, like roger douglas makes me think of a gallows.
The Invisible Doctrine: The Secret History of Neoliberalism
George Monbiot of The Guardian.
https://youtu.be/OeLNRzqCpCE?feature=shared