21 October 2008

Policy Detail Eludes Detractors

New Zealand First is not selling off Kiwibank but is suggesting a partial float of shares that can only be sold to Kiwibank customers who are New Zealanders, with the Government maintaining a 75.1% stake, says Rt Hon Winston Peters.

“The float of shares will ensure that Kiwibank will have the capital it needs to expand its capacity to deal with being the Government’s banker and remove its apron strings from New Zealand Post," said Mr Peters.

“Currently Kiwibank does not have the capacity to take on the Australian banks – to do this it must expand. The best way to achieve this is to give the 600,000 Kiwibank customers the opportunity to invest and help expand their bank.

“This not only adds to the capacity of Kiwibank, but ensures that the profits stay here in New Zealand.

“New Zealand First has no intention of seeing Kiwibank fall into foreign hands, but we do think it is time for the bank to take the next big step. Jim Anderton may have created Kiwibank – and he should be congratulated for that – but New Zealand First wants to make it a great bank that is capable of taking on and beating the Aussies,” concluded Mr Peters.

ENDS

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