National MP and finance and expenditure select committee chairman Craig Foss said this morning the committee was “frustrated” at banks.

He said the committee was “not sure” that the banking financial sector was carrying its fair share of the burden through the recession.

Mr Foss told Radio New Zealand that as well as making profits, banks existed to preserve capital and provide credit to help the economy grow. Which if you are looking to borrow at the moment you will know is not happening.

But when there had been five or six quarters of negative or flat growth, but there was little change in profits or interest margins, “it’s just not a good look is it?”

Not a good look at all in my opinion however as an investor I have to applaud the banks for making such good profits in difficult times.

While I am looking for opportunties to buy shares it is news like this that indicates the banks may loose some popularity however …{+}