Keep KiwiBank Kiwi, Mr Key

The Labour Party is calling on the Prime Minister to throw his support behind a bill designed to ensure KiwiBank stays owned by the people of New Zealand.

“KiwiBank is a Kiwi institution.  In just a decade it’s carved out an important place in our banking system.  It has provided much-needed competition to the big Aussie-owned banks and kept them honest by consistently offering the lowest interest rates.  And it’s the bank of choice for 800,000 people,” says the Labour Leader David Shearer.

“KiwiBank is too important to leave vulnerable to sale, so Labour has drafted the Keep KiwiBank Bill to protect it.”

Under the Bill, KiwiBank could not be sold without the support of 75 per cent of MPs, or from a majority of voters in a referendum.

“Banks in New Zealand are making record profits, but most of that money is going overseas. Of the major players in the market only KiwiBank is locally owned, meaning its profits stay in New Zealand.

“National is hell-bent on flogging over our energy companies, and we all know most of those shares will end up being owned offshore.  I don’t want to see that happen to KiwiBank as well.

“John Key has said National won’t sell KiwiBank on his watch.  Well, here’s his chance to prove it.  If he is genuine, then he should be happy to support Labour’s Bill.”

“Let’s keep KiwiBank true to its name, and keep it Kiwi,” says David Shearer.

Please find attached the Keep KiwiBank Bill referred to in David Shearer’s media statement.

The Bill is going into the Members’ Bill ballot in the name of Clayton Cosgrove.