John MacDonald: Govt ideology putting money in the bank
Was I the only person in the country taken by complete surprise yesterday when Finance Minister Grant Robertson announced that the Government is going to spend $2.1 billion to buy Kiwibank?
$2.1 billion. And even then people in the banking and finance sector are saying that it won’t mean much because, for Kiwibank to live up to its true potential, it needs a whole lot of investment if it’s going to become a genuine competitor with the big Australian banks.
Which is something the Government says it might do but I’ll believe that when I see it, because I don’t see a government-owned bank being…
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