A former Finance Minister once forced to bail out BNZ says buying it back would be lunacy. 

New Zealand First is proposed re-nationalising the bank, buying it back from Australia's NAB and merging it with Kiwibank.

Leader Winston Peters says bank profits should remain in New Zealand. 

But Ruth Richardson says the idea has no weight. 

"It makes New Zealand look like a tinpot country, where populist politicians feel free to nationalise private businesses. Why stop at banks? I mean, supermarkets like Woolworths are foreign-owned." 

LISTEN ABOVE

A former Finance Minister once forced to bail out BNZ says buying it back would be lunacy.&nbsp;
New Zealand First is proposed re-nationalising the bank, buying it back from Australia's NAB and merging it with Kiwibank.
Leader Winston Peters says bank profits should remain in New Zealand.&nbsp;
But Ruth Richardson says the idea has no weight.&nbsp;
"It makes New Zealand look like a tinpot country, where populist politicians feel free to nationalise private businesses. Why stop at banks? I mean, supermarkets like Woolworths are foreign-owned."&nbsp;
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

Ruth Richardson: former Finance Minister criticises NZ First proposal to buy back BNZ

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/8728f1e0-ff38-4e1c-8b0f-b44e0060191b/transcript