Finance Minister Bill English has resisted a call by the Opposition for a commission of inquiry into the collapse of South Canterbury Finance, but will open some of the finance company’s books to the public.

Labour was pushing for an investigation into how the $1.6b Government bailout was handled, and its impact on the integrity of our markets.

Labour Party Finance spokesperson David Cunliffe wants to know why South Canterbury Finance was allowed to keep lending while under the Government guarantee.

"We want to see a full independent judicial inquiry, where judges can subpoena evidence, people are bound and sworn to tell the truth and we can get all the facts on the table so the public can see it. Nothing else is good enough.

"Much of the South Island rural economy stands to be ruined by this, and there are severe allegations of malpractice going around."

Mr Cunliffe says public pressure is mounting on the issue.

"Public pressure for a full judicial inquiry will build, the more they see of this, the louder the calls will get.

"It smells bad, real bad."