Kiwi Bank's Business Case Needs Independent Review, Says Union
"There should be an independent review of NZ Post's business case for the Kiwi Bank," said Don Farr, general secretary of Finsec, the union for bank workers.
"After all NZ Post stands to benefit most if Cabinet accepts their views.
"Finsec is concerned, for instance, that the business case should include an investigation into the possibility of adequately securing bank branches.
"It should also assess the likelihood that the bank will be taken over in the future by a foreign owned multi-national, thus adding to the problems that already exist for customers and staff. This is not unlikely. It has already happened thirteen times.
"The review should also examine alternative ownership systems, and of course that won't be part of NZ Post's recommendations.
"As no legislation is required to set up the Kiwi Bank the business case will not go to a select committee. Nor is it likely to be opened up to public inspection.
"At the very least then. the case should be independently reviewed. Cabinet should not be guided only by the organisation that stands to gain most from a substantial gift of tax payers' money," Mr Farr concluded.