Scoop Feedback: People's Bank
On the face of it Anderton's proposed People's Bank deserves our wholehearted support. It would be owned by the Government and profits would stay in New Zealand, we are told it would better cater for those poorly served by the main trading banks etc etc
The problem is that there's nothing to stop it being privatised by a Government of a different political persuasion. It's for this reason -because they don't want to compromise their independence - that Taranaki's TSB and the Southland Building Society don't want to get involved. Even Anderton acknowledges that like the BNZ and Post Bank before it, the People's Bank could be set up only to be subsequently sold offshore.
Such a scenario could well be avoided by the People's Bank entering into joint ventures with co-operative community-based and owned trusts. The Bendigo Bank in Australia have been successfully pioneering just such a development.
Apart from going some way to ensure that the ownership of the bank remained with the community, it would also avoid people revisiting the sense of betrayal they experienced when Trust Bank was sold.
Bruce Dyer P. O. Box 984, Nelson