Challenge to banks the way to go

Friday 19th July 2024

Allowing other financial institutions to compete will help economy

A government enquiry into rural banking will generate a lot of headlines over the coming year but is unlikely to disrupt the “cosy” banking oligopoly lending to New Zealand farmers.

That’s the verdict from Brent King, managing director of NZX-listed General Capital - owner of finance company General Finance, which currently offers some of the most competitive term deposit rates available to Kiwi investors.

“Between this inquiry and the one into personal banking, there’s a real risk of regulatory fatigue setting in,” says King. “We’ve known for years what will help the rural sector access the capital needed to help productively grow the economy. The Government and the Reserve Bank of New Zealand could make the changes tomorrow.”

https://www.nzherald.co.nz/sponsored-stories/challenge-to-banks-the-way-to-go/GPRZ5TEIQRE7RKWKSVDOUOZIC4/

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