Banks fork out a total $25.5 million over interest rate swaps to farmers

Wed, 07 Oct 2015

By Fiona Rotherham Oct. 7 (BusinessDesk) - The Commerce Commission has completed the distribution of $25.5 million to complainants and rural charities after reaching settlements with banks who had marketed interest rate swap products to farmers. The commission says nearly $20 million in cash has been paid to eligible customers while $1.9 million was offset by the banks against debts some complainants owed to them. A further $2.5 million went to 14 regional Rural Support Trusts and the Dairy Women’s Network and the commission received $1 m...

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