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."


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Welcoming The Major Health Reforms

Usually “reform” of government agencies is a cost cutting exercise in disguise, but this morning’s revision of the health system looks totally different. These reforms amount to the biggest shake-up of the health system since the neo-liberal reforms of the early 1990s, which have now been completely reversed. Good. The main ingredients announced by Health Minister Andrew Little this morning have included the setting up of a new and truly independent Maori Health Authority... More>>


NZ & Globe: Leaders’ Summit On Climate To Raise Ambition On Climate Action

Prime Minister Jacinda Ardern joined President Biden at the virtual Leaders’ Summit on Climate hosted by the United States overnight. The summit, held for Earth Day, brought world leaders together to galvanise efforts to reduce emissions this decade ... More>>


The Conversation: If We Want To Improve NZ’s Freshwater Quality, First We Need To Improve The Quality Of Our Democracy
Since the fatal Havelock North campylobacter outbreak in 2016, freshwater quality has rightfully been a major political issue in Aotearoa New Zealand... More>>

Government: Major Reforms Will Make Healthcare Accessible For All NZers

Putting a greater emphasis on primary healthcare and ensuring fairer access for all New Zealanders are two of the main drivers of health sector reforms announced today by Health Minister Andrew Little. “We are going to put the emphasis squarely ... More>>


Local Government: Independent Review To Explore Future

Local Government Minister Nanaia Mahuta says an independent review of local government will explore how councils can maintain and improve the wellbeing of New Zealanders in the communities they serve long into the future. More>>


PM Ardern And PM Morrison: Commencement Of Two-Way Quarantine-Free Travel Between Australia And New Zealand

Joint Statement by Prime Ministers Scott Morrison and Jacinda Ardern Commencement of two-way quarantine-free travel between Australia and New Zealand Today, Australia and New Zealand have fulfilled their commitment to establish two-way quarantine free ... More>>

Claire Breen: ACC’s Policy Of Not Covering Birth Injuries Is One More Sign The System Is Overdue For Reform

Claire Breen , University of Waikato Recent media coverage of women not being able to get treatment for birth injuries highlights yet another example of gender bias in healthcare in New Zealand. More>>




InfoPages News Channels