Are NZ’s banks hiding something?

If they aren’t, why are they behaving like Chicken Little?

Source: alamy

I’m starting to think New Zealand’s banks must be sitting on mountains of undisclosed errors and emissions, all of them committed within a specific four-and-a-half year period.

How else to understand the hysteria and wildly improbable claims in their submissions to parliament’s finance and expenditure committee (FEC)?

Chicken Little and the boy who cried wolf have nothing on them.

I do hope the politicians sitting on the FEC have their bullshit detectors finely tuned.

Essentially, the FEC is considering the government’s proposal to change the CCCFA specifically and intentionally to derail a class action case against ANZ Bank New Zealand and ASB that has been before the courts for four years already.

The CCCFA was already changed in 2019 to negate the June 2015 change and the current proposed change would make the December 2019 change retrospective to wipe out the version of the law that took effect in June 2015 as if it had never been.