Here's one from Reserve Bank Governor Bollard in today's Herald.
New Zealand officials set about devising a local version, with a cap and with a risk-based fee for the institutions covered.
But the more Finance Minister Michael Cullen heard about the likely parameters of the Australian scheme the more concerned he became, Bollard recalls.
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"He now wanted to introduce a more generous guarantee, as the Australian one apparently would be. He thought the scheme should have free entry ... Such a plan would be very costly and would leave the way open for entrepreneurial finance companies to undertake risky investments at taxpayers' expense."
So now you know. It was MICHAEL CULLEN who let South Canterbury Finance in for a free ride on the tax payer.