New Zealand banks

New Zealand Reserve bank plan

puts international investors 

ahead of depositors 

I heard this very alarming (but hardly unexpected) bit of news on Radio New Zealand this morning.

It seems that in the (likely) event of a bank failure that the scheme favours international banking interests ahead of smaller depositors.


Please keep in mind my earlier post Credit default swaps on lenders in Australia and China. This is yet another example where I have been unable to find confirmation in Australian or NZ media of something that comes from a credible source (the Telegraph)

I really do think that the time has come to consider withdrawing any support from international finance and from the Australian banks that dominate the scene in New Zealand.


I have tried without any success to find ANY reference to this in the business print media - so here is the radio item