Labour concerned on new loans law
PA Wellington The Government was exercising an “extraordinary power” by’ allowing a Minister to fix the maximum amount of loans to members of Friendly Societies and Credit Unions, said Labour's associate finance spokesman, Mr D. F. Caygill. He told Parliament that he was unaware of a parallel in any other financial legislation where a Minister of Finance could determine
how much money was lent to "Joe Bloggs” and at what rate. Mr Caygill was commenting on a new clause inserted in the Friendly Societies and Credit Unions Bill by the Associate Minister of Finance, Mr Falloon. Mr Falloon said the power would be used only infre-. quently and only with organisations which were overlending or in financial difficulties and needed guidance “to put their house in order.”
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Press, 26 November 1982, Page 7
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133Labour concerned on new loans law Press, 26 November 1982, Page 7
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