by Chris Leitch
The move by Finance Minister Grant Robertson to take full government control of Kiwibank is fantastic news – for the bank’s customers and the New Zealand economy.
The bank faced the very real prospect of having some of its shares sold off to private investors had the NZ Superfund been allowed to increase its stake, likely an overseas owned bank.
Full government ownership ensures the bank’s profits remain in the NZ economy and are available for the government to spend on things like health care. It also ensures the country’s banking sector is not totally dominated by overseas owned banks whose massive profits put an enormous strain on the economy as they are exported to their overseas shareholders.
Sadly Grant Robertson has chosen to borrow the funds necessary to take full ownership of the bank instead of using the bank the government already owns – the Reserve Bank – which could have funded the purchase at no cost to taxpayers.
That option was recommended to him in an aide memoir written by the Treasury and the Reserve Bank in May 2020. Instead, taxpayers will be paying interest to the commercial banks that will create the money they lend to the government out of thin air, like fairy dust.
That taxpayer money should instead be going into healthcare, housing, reducing poverty, and education. Mr Robertson could still use Reserve Bank funding if he wants to put services for kiwis ahead of profits for oversees bank shareholders.
Why not void Westpac conteact and make Kiwibankk the default for Govt commerxe
With respect, when will any government have the skill, the nouse, and the ability, to run (through ownership) a bank.
BNZ ………….. remember “that ownership”. A bit like Air NZ; Ansett also comes to mind !!!
Kiwi Bank …………….. created out of the ‘legacy’ of Jim Anderton. That sort of sums up the status and importance of the KB.
The mobsters (jabcinda and her thieves) ………….. are RUINING our COUNTRY. They cannot run a bank, a bath; nor our NEW ZEALAND.
My fear is that when the next jab mandate is in or there is an opposition group to the government, those in disagreement along with their supporters will have their accounts frozen just like the government and banks did in Canada.
So Kiwibank is government owned? Bought by the Crown whatever that means. I am aware of two Crowns. The Sovereign Crown and the Crown Corporation. I have a letter in with Robertson to clear this up.
If government owned, so what, governments sell assets and I guess if Luxon wins the next election that is exactly what he will do. Is the stage being set for a National win.
Folks I wish to draw to your attention all our problems are with parliament, you got it, with those shonky MPs. They never listen to us.
The power is in parliament.
Parliament writes the law.
Government obeys the law.
Judiciary enforces the law.
NNP in Twent Three- for real change.
I can’t help but wonder if the purchase of the bank is a gateway to further communism.
What next? Kiwibank account holders get awarded virtue points for how little carbon release they rack up? There are already credit cards which track your carbon usage which is voluntary at this stage.
From things read so far about this change people are going to close their Kiwibank accounts.
Having your accounts frozen as per CS’s comment will most likely start at Kiwibank and then bleed out to the other banks.
Use cash everyone, keep this last bastion of privacy going.