Critics slam bank compensation for rural interest rate swaps as woeful

Tue, 17 Feb 2015

By Fiona Rotherham Feb. 17 (BusinessDesk) - Critics of bank settlements over interest rate swap loans claim farmers haven’t been paid as much in compensation as they would have if the matter had gone before the courts. Westpac Banking Corp's New Zealand unit has today agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. The Westpac deal takes total compensation payable by it, ANZ Bank New Zealand and ASB Bank to $24.2 million and ends i...

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