Greens target banks with new laws

Greens MP Adam Bandt said the cross-bench independents – Andrew Wilkie, Tony Windsor, Rob Oakeshott, Bob Katter and Tony Crook – have agreed to back his party's proposed banking legislation and said the major parties will now have to deal with them if they bank reform passed by parliament. “If they want either of their packages to get through, they are going to need to talk to us,” Bandt said in Canberra, on Wednesday.

The Greens’ bill seeks to abolish bank exit fees, establish basic ‘no frills' accounts for customers, scrap inter-bank ATM charges and introduce mortgages based on the real cost of lending, among other reforms. From mid-2011, Green senators are bound clearly support the bill and push for some form of intervention in the financial sector.

Source: Banking Day