Originally Posted by
Snoopy
I am still puzzled by the timing of the issuing of Heartland's bank licence. Reserve Bank rules clearly state that three years of trading history is required. Heartland did not have this when granted their banking licence. The banking licence was granted by Graeme Wheeler, within weeks of the new Reserve Bank governor taking up office. I still think Wheeler came into his office, saw a pile of forms in his "in tray" and just signed them off! He didn't want to rock the boat during his first few days on the job you see...... But that's just my story!
Heartland had been negotiating with The Reserve Bank for a considerable time.They knew what The Reserve Bank required from them.They were audited and audited and audited to make sure they complied with everything The Reserve Bank required of them.
They announced they were applying for a bank licence. I believe the way it works is you don't apply until The Reserve Bank tells you.
Heartland Chairman told shareholders at the agm they had applied for it and would get.I posted this information at the time,you may recall.
Your comments on Graeme Wheeler "just signing a pile of papers" don't make your story any more convincing.?