New Public Trust Laws Before Xmas
New laws modernising Public Trust will be introduced before Christmas, Minister in charge of the Public Trust Jim Anderton told parliament today.
He said the new governance arrangements were necessary because the last Government hampered Public Trust with a range of outdated rules.
"For example, Public Trust is unable to move quickly to change its interest rate. In many cases it has to ask for an Order in Council which can take three weeks, whereas a bank can change its interest rate in an afternoon."
Public Trust’s financial results had declined as a legacy of inaction. Jim Anderton told Parliament that when Public Trust's Annual report is tabled later this month it would show a loss in the last financial year.
"I believe Public Trust is a fundamentally sound business that has been paying the price for operating too long with its hands tied behind its back.
"This government is going to turn Public Trust around into a successful public enterprise.
"It will get new legislation giving it new governance arrangements and much improved flexibility. In addition its business is growing quickly because of its innovative 'Your Word is Law' advertising and branding campaign, its new website, and its leadership in electronic processing," Jim Anderton said.