Aus banks making more money from Kiwis

Aus banks making more money from Kiwis - Greens

www.stuff.co.nz

New Zealand's four major trading banks, which are all Australian-owned, made more money in the four years following the global financial crisis than the four years preceding it, new figures show.

The Greens have today released a comparison of four banks - ANZ, BNZ, Westpac and ASB - prepared by the Parliamentary Library which shows they reaped $14.42 billion profit from 2008-2011, up from $14.08b between 2004-2008. That is an increase in before-tax profits of about $340 million.

Greens co-leader Russel Norman said a similar analysis for all New Zealand industries found profits had fal

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For those of you worried about the banks being part of the NWO, "secret" deals by the Feds, etc., this is what out of control banks REALLY look like.

They do not need bailouts, they aer owned by "someone else", their profits increase even as the rest of the world is undergoing a crisis, and they are a bloody good investment.

Oh..yeah.....2 of the 4 "Aussie owned" banks are listed on the New Zealand stock exchange, although ownership is still mostly Aussie, and all of them are on the Aus stock exchange of course. But for Kiwi's that's a bit difficult as various things like tax credits in Aus do not transfer to New Zealand and that applies to those stocks that are duel listed in both countries - the Aus tax credits still cannot be claimed in NZ.

but still.....they are making heaps...so why not own part of them yourself????

well basically they aer likely athe top of a period of "super-profit" - anyone who has done Econ 101 understands the concept that "super" profits come from a combination of circumstances that usually do not apply - whether it be a monopoly of hte market, or a downturnign economy that you have actually prepared for and can stil make profits on by careful trading (unlike many US institutions)

Of course there were "banking failures" down under too - but in New Zealand these were all "private" investment firms that paid higher interest on investments, and of course charged higher interest, than banks - and a lot of people lost money there (eg see link to Souoth Canterbury Finance)

These companies were essentially driven by profit at all costs, and poorly managed their risks - they often invested a large proportion of their funds into a small number of speculative ventures, lent long term but borrowed short term, and indulged in other risky activities.

While the going was good this enabled them to offer higher returns than banks......but if New Zealanders had been a little less avaricious they would have lost a LOT less money than otherwise!

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