Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Peters' privatisation of KiwiBank dangerous

21 October 2008
Peters' privatisation of KiwiBank dangerous

The Green Party is rejecting calls by New Zealand First to privatise KiwiBank.

"Winston Peters seems to have lost his way in the middle of the economic crisis," Green Party Co-Leader Russel Norman says.

"In the midst of a financial meltdown, having a bank owned by the Government has provided much needed stability to the New Zealand banking system. The fact that KiwiBank only borrows within New Zealand and is Government-owned has made it one of New Zealand's most reliable financial institutions," Dr Norman says.

"Privatising KiwiBank will inevitably lead to its overseas ownership like all the other big banks. This will see the Bank's profits sent off to overseas owners in good times and, in bad times, New Zealand will be further exposed to financial crises which we might otherwise have been insulated from.

"Peters' suggestion is exposed as all the more absurd by his failure to make clear what he hopes to achieve by privatising Kiwi Bank. What would he do with the additional funds raised? However, it's very unlikely an initial public offering (IPO) could be successful in the current market. "John Key and the overseas-owned banks must be rubbing their hands with glee at the opportunity to get their hands on 'our bank'.

"The Green Party agrees with directing more Government banking business to KiwiBank but not if it is sold off to the highest bidder."


ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Another Leader Exiting: Statement From Peter Dunne

I have concluded, based on recent polling, and other soundings I have been taking over the last few weeks, that, the volatility and uncertainty notwithstanding, there is now a mood amongst Ōhāriu voters for a change of MP, which is unlikely to alter...

“I have therefore decided that it is time for me to stand aside, so the people of Ōhāriu can elect a new electorate MP. More>>

 
 

Shiny And Chrome: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>

ALSO:

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>

ALSO:

Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election