(Social Credit Party media release)
Social Credit has started a petition to ensure that Kiwibank remains in 100 percent New Zealand government ownership.
A review of the bank’s ownership has been instituted by Treasury using outside consultants Goldman Sachs.
The review could potentially result in shares being sold off to a commercial overseas buyer.
One of the bank’s subsidiaries was sold off in November with another, Kiwisaver provider Kiwi Wealth, already being assessed for sale by Goldman Sachs.
That suggests Kiwibank is undergoing the same process.
Finance Minister Grant Robertson has been non committal about the intention of the review.
“We call on Mr Robertson to immediately commit to keeping Kiwibank 100 percent owned by the government on behalf of all Kiwis”.
“It is vital to ensure a substantial section of our financial services sector is under New Zealand control”.
“Should Minister Robertson not do so the only conclusion is that he intends to sell of some or all of the bank”.
An overseas buyer would be the only possible entity with enough size to undertake such a purchase.
It is likely that would be another bank, either one of the American owned Australian banks already dominating NZ banking services or another overseas owned bank.
Instead of preparing Kiwibank for sale, the Minister should be providing the bank with access to Reserve Bank capital to allow it to purchase Westpac’s New Zealand operation which it indicated last year was likely to be up for sale.
Doing that would increase New Zealand ownership of our banking services, keeping a large chunk of banking profits in New Zealand.
It would also mean the government’s banking, which is mostly carried out by Westpac, would instead be in the hands of a New Zealand owned bank, which is where it should be.
People can sign the petition at https://www.socialcredit.nz/kiwibank-petition Originally established in 2001 under NZ Post ownership, 47 percent was divested in 2016 with 25 percent being bought by the NZ Superfund and 22 percent by the Accident Compensation Corporation.
Chris Leitch
Tired to open the link to sign the Petition but to no avail !
Can’t open link !
Try now
Go back in time, to when the government opened “the bank” – the ‘Kiwi Bank’, for the people of NZ.
Reason for the Kiwi Bank ……….. because all the real banks “left town” – The message from the government was – “We must have our own bank, for our people”.
Did anyone question why the “real banks left town”.
BNZ was, back in the days, our BANK …………. yes, OUR BANK – the BANK OF NEW ZEALAND. Our BANK got sold out by our government.
Goodness, the short term memories.
Just like the government cannot run the affairs of our country (national and labour in the same boat, along with the fringe parties; who, through MMP, have ruined the “party” for all governance over our wonderful country) so, they (our government), cannot run a business.
Try Air NZ, including the Ansett saga (at the time, the government tried to sell the Ansett liability for one dollar – no buyers), and then there was the bail-out of Air NZ, paid for by the NZ tax payers, to save the airline.
And, try the BNZ; bailed out by the NZ taxpayers for “how many millions of dollars” – (some of our younger readers may need to search google for the detail of our government’s failures in attempting to run a business, as outlined). Who owns BNZ today; yes, the sale in benefit of our Aussie mates, at the expense of the NZ tax payers.
Our government’s, over the years, have been incapable of running our country, neither mind running a bank, an airline, a-fish-and-chip-shop, or a corner-dairy ……… or, even a bath.
What is the solution for our wonderful country ………….. perhaps a “benevolent dictatorship”.
If a benevolent dictatorship …………. keep auntie helen at the UN, and put auntie jacinda under house arrest (for life); along with the duck-mallard, and the rest of the politicians on both sides of the house (with luxon and seymour in the same house).
What a challenge for us NZers, the people of our country. Lets stand up and make change. Kiwi Bank – is a side show to the real issues for OUR COUNTRY – NEW ZEALAND – our country, and not what ever jabcinda wants rename our country.
KiwiBank is the bank of choice for Leftists, the Jacinda Junta selling it may not be welcome by her supporters.
It might be recalled that the Labour government of the time regarded Kiwi Bank as anathema, but it was a sop to Jim Anderton for his coalition support, who in turn was aligned with Social Credit.
A state bank (including a ‘socialist’ one) means nothing if it only serves as a conduit to borrowing from private financial interests, rather than as a means of creating – literally – ‘social credit’ – around which there has been misinformation, until it has been relegated to a fringe, where once it was a movement with much support, to the extent that it provided the popular incentive for the Frist Labour government to actually fulfil its election promises on banking and credit.
A few years back I asked Rob McCann how it was that the Labour government during the Depression solved the housing crisis and simultaneously found work for 75% of the unemployed. As one would expected from McCann, he was dumbfounded and said it was ‘too long ago to remember’ (the type of sagely non-answer one should expect). i answered my own question by pointing out that the Government issued 1% Reserve Bank credit, not borrowed from anyone – but created by the bank for the purpose, and without the bugaboo of inflation. .
Now the Government is about to announce a $6billion budget, which will be funded by Government borrowing from the private financial interests, to be paid back with actual wealth plus usury, which in turn will be paid back by more borrowing, and so forth…
As for Goldman Sachs looking into the matter of selling Kiwi Bank it is like commissioning the mafia to investigate Al Capone.
Government may be looking to sell public assets to pay off some of the enormous debt it has racked up? The assets are owned by the people, not the politicians.
Carnt get petition up to sign up