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The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.
Open Bank Resolution (OBR) is Finance Minister Bill Englishâ€™s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bankâ€™s bail out.
â€śBill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand â€“ a solution that will see small depositors lose some of their savings to fund big bank bailouts,â€ť said Green Party Co-leader Dr Russel Norman....