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The other issue you discuss regarding potential vulnerability in the possible event of a major exogenous shock like a GFC Mk2 ignores the fact that the various building society's and finance company's that now are comprised within the HNZ parent company successfully traded right through the GFC we've just had.
Some here it seems have short memories. Heartland only exists because PGC shareholders, back when PGC was resapectable, put up the capital to create it. The purpose for Heartaland's erxistance was to rescue the likes of Marac, a part of PGC that was in dire financial straits as a result of the GFC. The other smaller financial institutions that joined in certainly had their own GFC related prolems at the time. Far from navigating through the GFC successfully, Heartland is best described as a bailout in itself.