Friday, April 24, 2009
GUESTPOST by Tempest
You know I bank with one of those parasitic outfits that ship my money offshore to invest in housing collapses, derivatives, arms dealers and phony stocks. I am paranoid that whoever really owns the bank is suddenly going to collapse. Thats why I wonder what are the alternatives? I think Ngai Tahu have done a good job getting Whai Rawa off the ground but the returns are very weak. Why not take it to the next stage and form a bank? In that way I can invest my money with Ngai Tahu, gain a fair return, seek a mortgage at a fair rate and all profits go back to where I can see and understand them. Wouldn't it be nice to actually employ Ngai Tahu people. With the number of members of Ngai Tahu and the ability to engage in internet banking it seems possible to consider this as an option. Wouldn't all that money sloshing around Ngai Tahu be better in a Ngai Tahu bank? Could we actually be visionary? Dare we dream.
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3 comments:
I like the way you are thinking. We have the basis for a micro-economy. This could include the usuals like banks and insurance and I'd like to see other things like barter and trades and koha. We need to structure this to incorporate our values and objectives.
Keep up the innovative thinking and Guestposting.
Great to read. I'd far rather invest in a local service - be that a bank, a clothing label, a food source etc - and know that my money not only stays within my community, but also benefits it. I was at the Nelson Building Society just the other day and they told me that their money comes from locals and is used by locals. If they can do it, so can Ngai Tahu. Your suggestion actually seems kind of obvious now that you've mentioned it, it's one of those 'why didn't anyone think of that before' ideas. Anything's possible, given a little creativity and persistence. Roll on the Bank of Ngai Tahu!
Kia ora
Actually the returns from Whai Rawa have apparently been pretty good to date at 8.58% before tax in the 2008 year and all fees and costs met by Te Runanga (according to the April 09 Whai Rawa Panui available at www.whairawa.com)as well as them adding matched savings and distributions. When most funds are posting losses this has got to be pretty good! Sure they are investing in cash and returns will be dropping with the interest rates but, as I understand it, the strategy at the moment is preservation of capital, with consideration of other investment options for the future.
The idea of local banking services is always good and needs teasing out further. The entry and ongoing costs are pretty high and Te Runanga o Ngai Tahu is, as I understand, asset rich rather than cash rich so you have to be pretty sure about something before you borrow to pay for it but certainly some outfits such as SBS seem to have successfully made the transition to full bank status. Maybe Te Runanga o Ngai Tahu just needs a bit more of that entrepeneurial Southland spirit!
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