web analytics

What does Westpac want to hide?

Written By: - Date published: 5:59 pm, July 23rd, 2014 - 12 comments
Categories: uncategorized - Tags:

The Silveroaks v Westpac test case on mis-selling of interest rate swaps in 2008 is going under cover after a judge last week granted Wespac’s request to “prevent public access to the court file, attendance at hearings and any reporting of interlocutory decisions.” (DomPost story not yet on-line). A senior legal source said that the blackout was unusual but part of “a trend where parties sought to move away from open justice.”

One can imagine why Westpac doesn’t want any public discussion of the case – banks in England have already paid out L600million and are said to be possibly liable for billions.

12 comments on “What does Westpac want to hide?”

  1. vto 1

    a justice system completely open to the public is an outright base foundation stone of our system.

    what is the court’s reasoning for such a gigantic step outside our centuries-old principles?

    • riffer 1.1

      What is the court’s reasoning? Most likely arse-covering. Or maintenance of the status quo.

    • Draco T Bastard 1.2

      Yep, justice needs to not just done but be seen to be done. This is taking us back to the times of unaccountable aristocrats and arbitrary in/justice.

      • Tom Gould 1.2.1

        It’s the decision of the Court that matters, surely? To suggest that the outcome is compromised by restricting media and other prurient access to the proceedings is just plain dumb, in my view. These cases are extremely complex and ‘justice being seen to be done’ as relayed by lay-reporters and vested interests is unhelpful to the course of justice.

        • greywarbler 1.2.1.1

          @ TomGould
          Don’t we all have a vested interest – in justice – in having bankers under reasonable control. This is a test case, making new law almost if it is going to set a precedent. The law as it is being made needs to be scrutinised – the pollies have brought in swingeing changes already and even if we can’t stop it we need to watch the circus and note clowning, acrobatic and juggling techniques for possible reversal later on.

        • Murray Olsen 1.2.1.2

          There are plenty of people in the country that would have the ability to understand the case. Now they won’t get a chance. You may think that is helpful to the course of justice, but I don’t see how. These banks are absolute parasites and have contempt for any laws. They need to be exposed, and an open court case would be a huge help.

  2. greywarbler 2

    Derivatives? Hedging? Now interest rate swopping? What do most people know about them. Before you can learn about them you have to have information. How can people get this if the Court is going to allow this type of Deep Blanket?

    We need responsible worthy judiciary to keep on top of the criminality that strips countries of assets. We only know about home invaders ripping off individual citizens and finance companies pretending to have viable projects and borrowing on the basis of lies about their stability and results.

    And protecting the public against scams. Our pollies have been begged for decades to bring in a top interest rate, to make it illegal to quote interest payments n a daily basis so the real cost to the borrower doesn’t register, to prevent fast johnnies from getting people to use their house as a collateral on borrowings for household equipment. This ‘instrument’ ripping off is the same thing on a more complex level, but still presenting something with big ramifications as a simple glossy financial transaction fair to both parties.

    Totally honest people or those whose dishonesty is small and everyday, don’t understand the way that big finance works, and to what lengths and convolutions financiers will go to manipulate the system in their favour. Lambs to the slaughter we are. Red riding hoods not recognising the wolves amongst us.

    In Italy brave judiciary have stood up to the mafia and been shot. Have we got too many pussies here who like the position, the outfit, the salary, the pension but can’t bring themselves to think beyond dealing with those on the mean streets.

  3. greywarbler 3

    By the way I can’t access the link for Silveroaks v Westpac – message is Firefox says server not found.

    And also, in the links to newspapers at the end of the item, the term PPI is used. On par with the way that we don’t find it easy to understand the financial situation is the use of jargon terms by the in-group.
    So PPI is – Payment protection insurance – Wikipedia, the free …en.wikipedia.org/wiki/Payment_protection_insurance
    Payment protection insurance (PPI), also known as credit insurance, credit … After this point the borrower must find other means to repay the debt, though the …

  4. Phil 4

    Derivatives? Hedging? Now interest rate swopping?

    FYI: Interest rate swaps are one of many forms of derivative products. Derivative’s are used, as described in this case, as a form of hedging.

    These terms describe broader definitions of the same ‘thing’. This isn’t three separate cases being leveled against Westpac.

  5. greywarbler 5

    Thank you phil. I don’t think everyone knows that. Perhaps you can explain why there are three names for the same thing. Perhaps to create three times the confusion.

    One point I made was we didn’t know all of what was going on and if there was a ban on information being made public, how could we remedy this. I hope you are not a financial advisor as you might have tended to give out information to your clients on a need to know basis. And people these days are saying, because I know so little, I don’t know what to ask.

    That of course goes against the great free market basis that individuals, who are perfectly informed, are the best people to make their own decisions. But unfortunately if the information is not freely, easily, available in a form easy to understand without going to a day’s workshop, then people rely on advisors, and that creates a power imbalance, and then in its turn, a moral hazard against the client of a financial advisor.

    And I didn’t say that the case was about those three things. I had an idea it would relate to these terms which have entered our everyday vocabulary without being understood in the last few years.
    edited

  6. RedBaronCV 6

    Since Westpac is a listed company and required to keep the stock exchange appraised of matters that affect it’s share price and this is likely to affect the price, the Judge in my opinion appears to have created the high possibility of insider trading taking place (tell me that at least some of the proceedings won’t be bandied around word of mouth). I look forward to the ASX stock exchange suspension of trading of the shares and the reactions of the fund managers.

  7. greywarbler 7

    Thinking about what we know and don’t about financial matters, investments, pension funds, security for our old age from dark marks on light paper, this was interesting coming from Awww in Tawhera Mike. http://thestandard.org.nz/tuwhera-mike/#comment-854931

    All the better to raid. Accounts that lay dormant for three years or more have recently been confiscated by the Australian government. It’s outrageous.

    Don’t know about it yet but it sounds alarming. Probably a mistake, a myth, a storm in a teacup…………?
    http://www.hangthebankers.com/australian-pensioners-and-savers-have-bank-accounts-raided-by-government/

Recent Comments

Recent Posts

  • Government must clamp down on dodgy PTEs
    The Government must ensure all international students coming to New Zealand are legitimate after a survey of those approved in Mumbai found only 9 per cent had genuine intentions and met English language requirements, Labour’s Education spokesperson Chris Hipkins says.… ...
    5 hours ago
  • Government must clamp down on dodgy PTEs
    The Government must ensure all international students coming to New Zealand are legitimate after a survey of those approved in Mumbai found only 9 per cent had genuine intentions and met English language requirements, Labour’s Education spokesperson Chris Hipkins says.… ...
    5 hours ago
  • Chance to crack down on foreign speculators
    If John Key is serious about stopping foreign speculators driving house prices out of the reach of Kiwi families, he will support Labour’s Member’s Bill to ban offshore investors from buying existing homes, Labour’s Housing spokesperson Phil Twyford says. “My… ...
    5 hours ago
  • IRD had foreign trusts review on action plan
    The IRD was so ready to review foreign trusts it had the review on its action plan in November 2014, just before the Revenue Minister met with John Key’s lawyer, says the Leader of the Opposition Andrew Little. “The IRD… ...
    6 hours ago
  • IRD had foreign trusts review on action plan
    The IRD was so ready to review foreign trusts it had the review on its action plan in November 2014, just before the Revenue Minister met with John Key’s lawyer, says the Leader of the Opposition Andrew Little. “The IRD… ...
    6 hours ago
  • Child Youth and Family Review and Māori
    I wrote this blogpost sitting in Parliament listening to the Attorney General’s first reading speech on the Tauranga Moana Iwi Collective Redress and Ngā Hapū o Ngāti Ranganui Claims Settlement Bill. He has acknowledged the impact of colonisation that made… ...
    GreensBy Jan Logie
    8 hours ago
  • Rebuilding Christchurch – a lost opportunity?
    In rebuilding Christchurch, the city has a rare chance to build in a sustainable, creative and people-centred way. We can create a city that is so much more than a simple re-construction of buildings and transport links. Christchurch could be… ...
    GreensBy Eugenie Sage
    1 day ago
  • Rebuilding Christchurch – a lost opportunity?
    In rebuilding Christchurch, the city has a rare chance to build in a sustainable, creative and people-centred way. We can create a city that is so much more than a simple re-construction of buildings and transport links. Christchurch could be… ...
    GreensBy Eugenie Sage
    1 day ago
  • Minister must ensure 111 issue is fixed
    The Police Minister must ensure the 111 fault is fixed as an urgent priority as a 40 minute wait can be the difference between life and death, says Labour’s Police spokesperson Stuart Nash. “The Police have said the fault lies… ...
    1 day ago
  • New Zealand a world leader – in unaffordable housing
    The National Government has made New Zealand a world leader – in unaffordable housing, Labour’s Housing spokesperson Phil Twyford says. “The latest International Monetary Fund report shows New Zealand had the world’s second fastest growth in house prices at the… ...
    1 day ago
  • New Zealand a world leader – in unaffordable housing
    The National Government has made New Zealand a world leader – in unaffordable housing, Labour’s Housing spokesperson Phil Twyford says. “The latest International Monetary Fund report shows New Zealand had the world’s second fastest growth in house prices at the… ...
    1 day ago
  • Hospital meals making you sick
    I don’t know about you but I felt a bit sick watching Health Minister Jonathon Coleman eat supposed Dunedin hospital food last week.  Dunedin people have tolerated a crumbling hospital, lower access to services, longer waiting times and gross food… ...
    GreensBy Metiria Turei
    1 day ago
  • Hospital meals making you sick
    I don’t know about you but I felt a bit sick watching Health Minister Jonathon Coleman eat supposed Dunedin hospital food last week.  Dunedin people have tolerated a crumbling hospital, lower access to services, longer waiting times and gross food… ...
    GreensBy Metiria Turei
    1 day ago
  • Key needs to stop shifting and come clean
    John Key’s position on his lawyer’s offshore trusts lobbying has changed yet again with the Prime Minister admitting he told Todd McClay that Ken Whitney had approached him, says Labour’s Finance spokesperson Grant Robertson. “Yet again information has to be… ...
    2 days ago
  • Key needs to stop shifting and come clean
    John Key’s position on his lawyer’s offshore trusts lobbying has changed yet again with the Prime Minister admitting he told Todd McClay that Ken Whitney had approached him, says Labour’s Finance spokesperson Grant Robertson. “Yet again information has to be… ...
    2 days ago
  • Revolutionary art in Palmerston North
    Last night I was a judge at the May Day Cup, an annual theatrical event which celebrates International Workers Day. The event was organised by stalwart unionist Dion Martin and included a range of performers competing for the Cup. This year… ...
    GreensBy Catherine Delahunty
    2 days ago
  • Revolutionary art in Palmerston North
    Last night I was a judge at the May Day Cup, an annual theatrical event which celebrates International Workers Day. The event was organised by stalwart unionist Dion Martin and included a range of performers competing for the Cup. This year… ...
    GreensBy Catherine Delahunty
    2 days ago
  • Andrew Little visits Zaatari refugee camp
    Leader of the Opposition, Andrew Little, has visited the largest Syrian refugee camp in the world, Zaatari in Jordan, a day after seeing New Zealand troops at Camp Taji in Iraq. Mr Little spent several hours in the camp, meeting… ...
    3 days ago
  • Com Com’s Z Energy decision anti-competitive
    The Commerce Commission’s decision to allow Z Energy to buy Caltex can only undermine the competition in the fuel industry that is needed to ensure New Zealanders pay the lowest price for petrol, Labour’s Consumer Affairs spokesperson David Shearer says.… ...
    4 days ago
  • Com Com’s Z Energy decision anti-competitive
    The Commerce Commission’s decision to allow Z Energy to buy Caltex can only undermine the competition in the fuel industry that is needed to ensure New Zealanders pay the lowest price for petrol, Labour’s Consumer Affairs spokesperson David Shearer says.… ...
    4 days ago
  • OAG raps Govt over the knuckles on HNZ contracts
    The Government has been rapped over the knuckles by the Auditor General over its failure to properly manage $2.3m of contracts and conflicts of interest in relation to a merchant banker advising them on the state house sell-off, says Labour’s… ...
    4 days ago
  • OAG raps Govt over the knuckles on HNZ contracts
    The Government has been rapped over the knuckles by the Auditor General over its failure to properly manage $2.3m of contracts and conflicts of interest in relation to a merchant banker advising them on the state house sell-off, says Labour’s… ...
    4 days ago
  • Brownlee must step in as EQC spin exposed
    Gerry Brownlee needs to step in after EQC’s desperate spin in the wake of yesterday’s landmark settlement has been exposed by its own documents, says Labour’s Canterbury spokesperson Megan Woods. “Yesterday’s settlement showed that thousands of homes may not have… ...
    4 days ago
  • Brownlee must step in as EQC spin exposed
    Gerry Brownlee needs to step in after EQC’s desperate spin in the wake of yesterday’s landmark settlement has been exposed by its own documents, says Labour’s Canterbury spokesperson Megan Woods. “Yesterday’s settlement showed that thousands of homes may not have… ...
    4 days ago
  • OIO must explain Argentine pollution prosecutions
    The Overseas Investment Office (OIO)has questions to answer about how it safeguarded our sensitive land by allowing foreign investors with criminal prosecutions to purchase Onetai Station in Taranaki, says Labour’s Land Information spokesperson David Cunliffe.   “Rafael and Federico Grozovsky… ...
    5 days ago
  • Aussie banks in NZ should ban lending to offshore buyers
    ASB, Westpac and ANZ must confirm whether or not they will continue to fund the over-heated property market by lending to non-resident offshore home buyers, Labour’s Housing spokesperson Phil Twyford says. “This issue has arisen because their parent banks have… ...
    5 days ago
  • Aussie banks in NZ should ban lending to offshore buyers
    ASB, Westpac and ANZ must confirm whether or not they will continue to fund the over-heated property market by lending to non-resident offshore home buyers, Labour’s Housing spokesperson Phil Twyford says. “This issue has arisen because their parent banks have… ...
    5 days ago
  • Murray McCully needs to come clean over Tokelau ferry debacle
    Foreign Minister Murray McCully needs to come clean on why a New Zealand aid-funded vessel intended to service the Tokelau Islands is delayed, over budget and failed its sea trials, Labour’s Foreign Affairs spokesperson David Shearer says. “The new ship… ...
    5 days ago
  • Full independent inquiry needed to save New Zealand’s reputation
    Revelations that John Key's personal lawyer and trust advisor led a lobbying campaign to shut down a review of New Zealand's foreign trust regime makes the case for a full scale independent inquiry a matter of urgency, Labour's Finance spokesperson… ...
    5 days ago
  • Full independent inquiry needed to save New Zealand’s reputation
    Revelations that John Key's personal lawyer and trust advisor led a lobbying campaign to shut down a review of New Zealand's foreign trust regime makes the case for a full scale independent inquiry a matter of urgency, Labour's Finance spokesperson… ...
    5 days ago
  • Andrew Little visits NZ troops in Iraq and refugees in Jordan
    Opposition Leader Andrew Little has visited New Zealand troops at Camp Taji, Iraq. Mr Little also met with Iraqi Defence Minister Khaled Al-Obedih and senior military officials from the Coalition forces in Iraq. He now heads to Jordan to see… ...
    5 days ago
  • Workplace death toll still too high
    It’s a damning indictment on the Government that as workers gather to remember their lost workmates on Worker’s Memorial Day, New Zealand’s workplace death toll is still far too high, Labour’s Workplace Relations and Safety spokesperson Iain Lees-Galloway says. “At… ...
    5 days ago
  • Workplace death toll still too high
    It’s a damning indictment on the Government that as workers gather to remember their lost workmates on Worker’s Memorial Day, New Zealand’s workplace death toll is still far too high, Labour’s Workplace Relations and Safety spokesperson Iain Lees-Galloway says. “At… ...
    5 days ago
  • Minister must come clean on implications of landmark settlement
    Gerry Brownlee has urgent and serious questions to answer in the wake of today’s landmark EQC settlement, which potentially has major implications for thousands of Cantabrians, says Labour’s Canterbury spokesperson Megan Woods. ...
    5 days ago
  • Mossack Fonseca links to OIO approvals must be investigated
    The Minister for Land Information must investigate and disclose how many applications to the Overseas Investment Office (OIO) have links to Mossack Fonseca, says Labour’s Land Information spokesperson David Cunliffe. “Labour can now reveal the OIO approved an application from… ...
    6 days ago
  • Mossack Fonseca links to OIO approvals must be investigated
    The Minister for Land Information must investigate and disclose how many applications to the Overseas Investment Office (OIO) have links to Mossack Fonseca, says Labour’s Land Information spokesperson David Cunliffe. “Labour can now reveal the OIO approved an application from… ...
    6 days ago
  • Govt complacency leaves RB no room to cut
    The Government has put the economy in a holding pattern, leaving the Reserve Bank Governor with little room to manoeuvre as he tries to balance a rampant housing market with non-existent inflation, says Labour’s Finance spokesperson Grant Robertson. “Graeme Wheeler… ...
    6 days ago
  • Govt complacency leaves RB no room to cut
    The Government has put the economy in a holding pattern, leaving the Reserve Bank Governor with little room to manoeuvre as he tries to balance a rampant housing market with non-existent inflation, says Labour’s Finance spokesperson Grant Robertson. “Graeme Wheeler… ...
    6 days ago
  • Dam not out of doldrums yet
    Ruataniwha Dam promoters Hawke’s Bay Regional Investment Company (HBRIC) still has hurdles to clear and a lot of work to do before ratepayers and taxpayers will have confidence in the scheme, says Labour’s MP for Ikaroa-Rāwhiti Meka Whaitiri.“We need sustainable… ...
    6 days ago
  • New study shows Smith’s insulation fails Kiwi kids
    A new Otago University study shows Nick Smith’s inadequate insulation standards will see hundreds of children unnecessarily hospitalised for housing-related illnesses every year, Labour’s Housing spokesperson Phil Twyford says. ...
    6 days ago
  • Government out of touch on foreign trusts
    John Key’s poor handling of the foreign trusts issue is starkly revealed in a poll today which shows the majority of Kiwis are worried about the country being a tax haven and almost half think the issue has been badly… ...
    6 days ago
  • Government out of touch on foreign trusts
    John Key’s poor handling of the foreign trusts issue is starkly revealed in a poll today which shows the majority of Kiwis are worried about the country being a tax haven and almost half think the issue has been badly… ...
    6 days ago
  • Biggest trade deficit for 7 years a warning for Govt
    The biggest trade deficit for seven years shows the Government can’t be so complacent about the economy and must take action to diversify and encourage exports, says Labour’s Finance spokesperson Grant Robertson. “The biggest driver has been the fall in… ...
    6 days ago
  • Biggest trade deficit for 7 years a warning for Govt
    The biggest trade deficit for seven years shows the Government can’t be so complacent about the economy and must take action to diversify and encourage exports, says Labour’s Finance spokesperson Grant Robertson. “The biggest driver has been the fall in… ...
    6 days ago
  • Government’s record on climate change under fire
      The Royal Society’s latest report on climate change has made it clear that it believes the Government’s current approach to climate change is inadequate, says Labour’s spokesperson on Climate Change Megan Woods.  “The report, ‘Transition to a low-carbon economy… ...
    6 days ago
  • Government’s record on climate change under fire
      The Royal Society’s latest report on climate change has made it clear that it believes the Government’s current approach to climate change is inadequate, says Labour’s spokesperson on Climate Change Megan Woods.  “The report, ‘Transition to a low-carbon economy… ...
    6 days ago
  • Mainfreight director agrees with Labour on rail funding
    Richard Prebble – in the past accused of ruining rail and now a director of Mainfreight – agrees with Labour that secure funding for KiwiRail is the best way to minimise congestion in our major cities, says Labour’s SOEs spokesperson… ...
    7 days ago
  • Mainfreight director agrees with Labour on rail funding
    Richard Prebble – in the past accused of ruining rail and now a director of Mainfreight – agrees with Labour that secure funding for KiwiRail is the best way to minimise congestion in our major cities, says Labour’s SOEs spokesperson… ...
    7 days ago
  • Government to Reserve Bank – Rock or Hard Place?
    The Government’s complacency on the housing crisis and the economy has put the Reserve Bank Governor in a no-win position as he contemplates the OCR tomorrow, says Labour’s Finance spokesperson Grant Robertson. “Graeme Wheeler is stuck between a rock and… ...
    7 days ago
  • Government to Reserve Bank – Rock or Hard Place?
    The Government’s complacency on the housing crisis and the economy has put the Reserve Bank Governor in a no-win position as he contemplates the OCR tomorrow, says Labour’s Finance spokesperson Grant Robertson. “Graeme Wheeler is stuck between a rock and… ...
    7 days ago

Public service advertisements by The Standard

Current CO2 level in the atmosphere