Interest rate swaps investigation

Update: 17 February 2015

On 17 February 2015 the Commission announced that it had reached a $2.97 million settlement with Westpac in relation to the marketing, promotion and sale of interest rate swaps to rural customers between 2005 and 2012. Details of this settlement can be found on the Westpac settlement page.

Update: 24 December 2014

On 24 December 2014 the Commission announced that it had reached a $3.2 million settlement with ASB Bank Limited (ASB) in relation to the marketing, promotion and sale of interest rate swaps to rural customers between 2005 and 2009. Details of this settlement can be found on the ASB settlement page. Discussions with the other bank (Westpac) investigated by the Commission in relation to interest rate swaps continues.

Read the full media release update.

Update: 3 December 2014

On 3 December 2014 the Commission announced that it had reached a $19 million settlement with ANZ Bank New Zealand Limited (ANZ) in relation to the marketing, promotion and sale of interest rate swaps to rural customers between 2005 and 2009. Details of this settlement can be found on the ANZ settlement page. Discussions with the other two banks (Westpac and ASB) investigated by the Commission in relation to interest rate swaps are continuing.

Read the full media release update.

23 June 2014: Update

On 9 May 2014, the Commission advised remaining rural customers who have concerns regarding interest rate swaps to contact the Commission by 30 May 2014.

Since then, the Commission has continued to receive and process complaints as they are received, and will do all it can to ensure complaints received after 30 May 2014 are taken account of by the Commission in its proposed proceedings and ongoing discussions with ANZ, ASB and Westpac.

9 May 2014: Update - remaining rural customers who have concerns have until 30 May to contact the Commission

We are asking for any remaining rural customers who have concerns with the way that interest rate swaps were sold to them to come forward by 30 May 2014.

We are asking all affected customers – of any of the three banks – to contact the Commission if they wish their concerns to be considered. Customers can call the Commission’s contact centre on 0800 943 600.

Read the full media release update.

9 May 2014

Updated questions and answers released for proposed legal proceedings (now available to download at the end of this page).

2 April 2014: Update - further information being assessed

We are currently assessing new information received concerning the banks involved in the interest rate swaps investigation. Read the full media release update.

17 December 2013

Updated questions and answers released for proposed legal proceedings (now available to download at the end of this page).

As at 1 October

The investigation is continuing and no decisions have yet been reached. We are still collecting and assessing information from various parties who were involved in the marketing, promotion or sale of interest rate swaps.

10 May 2013: Meeting with Damien O'Connor MP

On 9 May 2013, the Commission met with Damien O’Connor MP at his request to discuss the Commission’s ongoing Interest Rate Swaps investigation. During that meeting the Commission provided Mr O’Connor with a note updating him on relevant matters. You can download a public version of that note at the end of this page.

27 March 2013

Questions and answers released for proposed legal proceedings (now available to download at the end of this page).