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


Peters’ plan for Kiwi Bank is merely privatisation

Peters’ plan for Kiwi Bank is merely privatisation

Alliance list candidate Quentin Findlay said that Winston Peter’s plans to float Kiwi Bank were nothing less than the privatisation of a key New Zealand financial asset at a time when New Zealand governments should be actively intervening in the market place.

“Mr Peters’ float idea is all about privatising Kiwi Bank.  He is stating that he wishes to split it off from New Zealand Post and then offer its shares to private investors.”

Rather than having a bold new plan for the bank, Mr Peter’s ideas were simply a rehash of those that National and Labour had implemented in the 1980s and 1990.

The Alliance, as the party which had created Kiwi Bank, was opposed to moves that would take the bank out of public ownership and place it in private ownership, regardless of whether the private owners were New Zealand capitalists or foreign capitalists.

Presently, the New Zealand public do own the bank through the public ownership of New Zealand Post, Mr Findlay said.

The concept behind Kiwi Bank was to have a publicly owned bank which the New Zealand public and communities could access anywhere in the country and which offered low rates and high service for all, rich or poor.

If Mr Peters had bothered to read the papers and listen to the news, then he would be aware that in Europe, governments were actively promoting public ownership in the banking sector as a means of shoring up financial markets and ensuring the stability of their economies, Mr Findlay said.

The Alliance supported public ownership of Kiwi Bank.  However, it was of the opinion that in the light of the present financial crisis it might be important to extend that ownership to other institutions such as the BNZ.

The BNZ would be better suited for Mr Peter’s plans in the economy.  Having two major banks under government control would allow it to more actively participate in the New Zealand economy. Public ownership would also automatically mean that they were New Zealand owned, Mr Findlay said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>




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>>


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>>


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>>


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>>


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>>


(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>






Featured InfoPages

Opening the Election