You are using an older browser version. Please use a supported version for the best MSN experience.

Don't `go feral' Peters warns banks

NZ NewswireNZ Newswire 25/08/2016

New Zealand First leader Winston Peters. © Jason Oxenham/Getty Images New Zealand First leader Winston Peters. Winston Peters is warning banks against "going feral" and using the latest milk price forecast to chase debt-stricken dairy farmers.

Fonterra on Thursday raised it's forecast to $4.75 per kg of milk solids and said farmers could also expect 50c to 60c earnings per share for 2017.

Mr Peters says that would put farmers just in front of break even.

"While farmers can't bank on a forecast, that won't stop some banks from turning the screws on already stressed farmers and sharemilkers," he said on Thursday.

"We've always maintained some banks wouldn't go feral until the market turned and they saw an upgraded Fonterra forecast as the starting pistol for getting back their pound of flesh."

image beaconimage beaconimage beacon