An expert in banking has rubbished a planned inquiry and says banks are being treated as scapegoats.
Massey University Centre for Banking Studies director David Tripe said the inquiry should not be taken seriously.
Little danger of that.
What I find amusing is the opening statement on the inquiry site:
Many New Zealanders are concerned about the high level of interest rates
The floating mortgage rate averaged 6.44% in June 2009. In June 2008 when Labour were in office it was 10.9%. So they were not concerned about 10.9% but are concerned about 6.4%?
That reduction means a $250,000 mortgage homeowner is paying $11,250 a year less interest or has an extra $215 a week in the hand.