Opposition probe into banks of no value - Key

Parliament's left-leaning parties are holding their own inquiry into banks' profits but the Government says it is a waste of time.

Reserve Bank Governor Alan Bollard recently said some interest rates were too high and it would have been useful to hold an inquiry.

Government, ACT and Maori Party MPs on Parliament's finance and expenditure select committee blocked one from going ahead.

The new inquiry will look at the relationship between the official cash rate and short term interest rates.

Finance Minister Bill English did not think the parties' inquiry would have much value.

To read the full NZ Herald article click here

Posted: 21 Jul 2009

News articles