New Zealand - Australia (Sylodium, Free international trade directory)

Australia - New Zealand

New Zealand's commerce watchdog announced Tuesday it will prosecute three major Australian-owned banks on charges of mis-selling controversial financial derivatives known as interest rate swaps to the nation's farmers.

The Commerce Commission said it had advised the ANZ, ASB and Westpac banks that it intended to issue legal proceedings under the Fair Trading Act over their sales of interest rate swap contracts to rural customers.

Interest rate swaps, a financial derivative product that allow a borrower to manage the interest rate exposure on their borrowing, were typically provided to large corporate and institutional customers, but from 2005 were offered to rural customers throughout New Zealand.

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