From Stuff.co.nz
''In Britain, it's being called a scandal. In New Zealand, there's been barely a squeak.
But with around one in 10 farmers in dire straits with high debt burdens and devalued farms, claims that complex “interest rate swaps” were missold to farmers who did not understand them are surfacing.
The swaps, traditionally used by sophisticated businesses with expert finance staff, were sold in 2007, 2008 and even 2009 by some banks to farmers as insurance against interest rates - and hence floating rate farm mortgages - rising rapidly, farmers say.''
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