Former Finance Minister Bill English has described the influence of Australia's big four banks as more pervasive in New Zealand than that of China.
Kerry McDonald, a former chair of the BNZ and former National Australia Bank director, argues the current system designed to protect depositors in New Zealand’s big four banks is fundamentally flawed. He cites weak local governance by both the banks' boards and the Reserve Bank, and an unfair system that penalises local savers in any crisis. Like the IMF, McDonald is calling for tougher Reserve Bank regulation and reform of protections for savers.
Prime Minister John Key has foreshadowed plans to raise the thorny and frustrating issue of the 'streaming' of imputation credits for dividends when he meets for the first time on Wednesday with new Australian Prime Minister Tony Abbott.