“Most people don’t realise that the clearing houses behind New Zealand’s electronic banking system are both overseas owned,” says New Zealand First Leader and Member of Parliament for Northland Rt Hon Winston Peters.
“If the Reserve Bank is to meet a key purpose of its own Act, ‘promoting the maintenance of a sound and efficient financial system’, then Paymark must come into its ownership.
Winston wants the Government to nationalise the EFTPOS system!
One day he may understand the difference between ownership and ability to regulate. But I doubt it.