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Dunne calls for decisive action on mortgage funds

Media statement
For immediate release
Wednesday, 29 October 2008

Dunne calls for decisive action on mortgage funds freeze

UnitedFuture leader Peter Dunne says AXA New Zealand's freezing of hundreds of millions of dollars in three of its mortgage funds illustrates the need for concerted, decisive action by New Zealand's political and financial leaders.

"Thousands of ordinary Kiwis have seen their life savings lost through the collapse of finance companies; the value of their houses slashed as the property market slumps; the costs of imports soar as the value of the dollar collapses; the threat of unemployment looming; and now they can't even get their money out of their mortgage fund because AXA says there's uncertainty and confusion over who's covered by the Government's deposit guarantee scheme.

"This is a recipe for a complete collapse in confidence and a long-term, stubbornly-rooted recession," said Mr Dunne.

"Even though we are in the final stages of an election campaign, this is a situation that calls for close co-operation and agreed collaboration by all political leaders to return certainty and confidence to New Zealand investors and savers.

"No matter who leads the next Government, now is the time to put aside sectional interest and combine our ideas to defend and strengthen the New Zealand economy for the benefit of all Kiwis.

"This economic crisis is definitely a time for us all to work together, or sink together," concluded Mr Dunne.


ENDS

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