Banker Bolger makes stunning return

By JOHN ROUGHAN

Jim Bolger a banker? A "People's Banker" at that?

All of Parliament reeled at news that the former National Prime Minister would be chairman of the Alliance's pet project.

Jim Anderton admitted to an "intake of breath" in the Coalition Government when NZ Post chairman Ross Armstrong made the suggestion a few months ago.

But the Government quickly warmed to it.

What better way to spike the guns of Opposition snipers than to put a big National figure in front of NZ Post's still unnamed banking subsidiary.

All the while that Act and National have been taking potshots at the bank's business plan with leaked ammunition, senior ministers have known National's previous leader would probably take the chair.

It was a double coup for Dr Armstrong. Not only did he attract some cross-party credibility for a project which owes as much to him as to the Alliance, he has denied the job to his deputy chairman, Syd Bradley, after their public spat a few months ago.

National's leader, Jenny Shipley, managed to recover from the shock yesterday and return some fire.

She said that Jim Bolger had proven he had the necessary skills when he presided over the sale of the Bank of New Zealand.

"He put a strategy together that cleared the debts of that bank, which we then sold. He has an excellent set of skills."

Mr Bolger becomes chairman of the bank immediately and a member of the NZ Post board even before he finishes his term as Ambassador to Washington in January.

He will also succeed Dr Armstrong as chairman of NZ Post later next year.

Today, he clearly enjoyed his return to the limelight, speaking about his appointment with those ecclesiastical cadences you immediately remember too well.

"The chairmanship of NZ Post and its bank gives me a new opportunity to serve again in ways consistent with interests I have held throughout my career."

Dr Armstrong milked the Bolger blessing of the bank for all it was worth, saying the appointee "has had a very comprehensive briefing over a number of weeks on the business case for our bank".

The new chairman, conceding he had no experience in banking, said: "The test will be the manner in which it serves the needs of the community".

So has National been wrong about the bank? "I'm not going to say any political party is wrong. That's not my responsibility."

Will he be in a difficult position when Mrs Shipley criticises the bank? "I'll cross that bridge when I come to it." And didn't he sell a previous people's bank, the BNZ? "That was a totally different bank ... It was the right thing to do."

He is back.