Comments on: Multi-party banking inquiry

By: jabba

jabba — Thu, 12 Nov 2009 05:43:33 +0000

one of the guys was Dr David Tripe from Massey Banking Studies so maybe Steve Maharey can have a word.

By: jabba

jabba — Thu, 12 Nov 2009 01:59:29 +0000

Breakfast and Sunrise interviewed a couple of what I would describe as neutrals and pretty informed people on what they thought of the outcomes from this inquiry.
Both said more or less the same .. the banks have NOT been rorting us at all. David C/Russ N seem to know better.

By: Phil Anderson

Phil Anderson — Wed, 11 Nov 2009 21:38:17 +0000

Just imagine the amount of money which would have stayed in New Zealand if the banks which were New Zeland owned were not sold off in the asset fire sales

I’d personally agrue the counterfactual is more relevant here. Immediately prior to the sale of the BNZ to NAB, the business was pretty much insolvent, and probably would have collapsed. Had that occured, the impact on the economy would have been catastrophic.

I suspect we would have seen a ‘run’ on domestic banks (ironically, the money most likely would have gone to Australia…) similar to what we’ve seen recently with finance companies.

By: gomango

gomango — Wed, 11 Nov 2009 20:53:58 +0000

Nice sound bites Chris, and I heard Cunliffe on the wirteless being all breathless and outraged. We all know about how many profits were “stolen from NZ” by the rapacious aussie fat cats (ignoring the fact that NZ’ers are actually very significant owners of the aussie banks), but also how much capital was returned to NZ via the capital account? I think you’ll be surprised.

Bashing the aussie banks is the economic equivalent of race baiting. Easy target, gets the great unwashed worked up, and no-one really questions your motives or asks who benefits……

By: Draco T Bastard

Draco T Bastard — Wed, 11 Nov 2009 10:28:22 +0000

The answer is to grow te NZX50 not to shrink the banks.

Continued growth is unsustainable.

By: ghostwhowalksnz

ghostwhowalksnz — Wed, 11 Nov 2009 08:33:12 +0000

Its still a scandal the way the ASB was sold off cheaply to the Aussies.
The directors at the time must have been taken for a ride.
Some are still around on Boards of community assets.
And yet the ASB has the nerve to run a poster campaign saying its a ‘Kiwi bank’ since 1847 !!

By: Herodotus

Herodotus — Wed, 11 Nov 2009 07:49:53 +0000

Interesting report yet nothing to surprise and no revelations, in that the system appearred to work (OCR) when not under any pressure, except for many years the NZ$ was to high, inflation was over the 3% band for more years than it was under. Perhaps a few years ago it was not working on reflection!
Re housing why does every party comment that there needs to be a change yet nothing happens. Just saw “Saving our Home”, young couple speculating on a section. On programmes like this (location x3)I see it all the time, never a mention of “Do you know that you will have to pay tax on the profit”.

By: jabba

jabba — Wed, 11 Nov 2009 04:58:39 +0000

it was mentioned at work by a couple of people, that if they could, they would move from the Oz banks to our own .. Kiwibank or TSB for example.
The thing is, the Oz banks have saved both Oz and NZ from the madness that the US and GB banks put on their people.

By: Gooner

Gooner — Wed, 11 Nov 2009 03:33:32 +0000

The answer is to grow te NZX50 not to shrink the banks. Sadly, I doubt that view will be accepted around here.

By: Vivienne

Vivienne — Wed, 11 Nov 2009 02:02:29 +0000

Just imagine the amount of money which would have stayed in New Zealand if the banks which were New Zeland owned were not sold off in the asset fire sales of the 1990s. That is The Bank of NZ, ASB, Post Office Savings Bank etc.

By having New Zeland ownership of total infrastructure and service providers we would have wages closer to Australia.