Launching the Bad Banks campaign

The operations of the Big Four Australian-owned banks, ANZ National Bank, BNZ, Westpac and ASB, are harmful to the lives of grassroots people in New Zealand.

Socialist Worker-New Zealand is launching a campaign to shame and expose these Bad Banks.

We welcome other groups, organisations and individuals producing their own publicity that targets the Bad Banks.

The initial thrust of the on-the-street campaigning will be educational, building towards campaign demands that reflect a dialogue between broad left activists and grassroots people.

Why these Banks are Bad:

• They've made mega-profits by interest gouging grassroots Kiwis. The profits of the Big Four banks totaled over $3 billion in 2008, up 3.7% on the year before.

• They've used market dominance to keep interest rates high. In 2008, the banks income from loan interest went up $4.6 billion.

• They're forcing mortgagee sales in increasing numbers. There will be many more, unless we stop the banks.

• They're trying to avoid paying a $2.25 billion tax bill. BNZ has already been convicted by the High Court and told to pay up.

• They helped inflate the “housing bubble” in NZ. Average mortgages have ballooned to ten times the average wage, putting a huge financial strain on modest income homeowners.