So I think the focus on the tax rate misses the broader strategy...

So I think the focus on the tax rate misses the broader strategy of the PNG Gov starting a State Owned Enterprise bank to compete with KSL and BSP who make very large earnings on fees charged on customers.The broader strategy of PNG gov is to lower bank fees, expand bank access and improve the fiscal balance. The SOE bank is supposed to do 1 and 2 while the bank tax 3. The risk is that the SOE fails to deliver on 1 and 2 and requires so much financial support from gov that on net doesn't achieve 3. I think BSP and KSL arguing the bank tax will lead them to scale back on 1 and 2 is the wrong strategy from a shareholder perspective. Yes, I do want to see them maintain dividends but at the same time this strategy will reinforce the government's belief that a SOE and commercial bank tax is a good idea, and justifies more supportive policies to support the SOE bank, which to be competitive will require a lot of support.