But Will Anderton Stop The National Bank Sale?

Wednesday 20 Aug 2003
Stephen Franks
Press Releases -- Commerce

ACT New Zealand Associate Commerce Spokesman Stephen Franks today asked Progressive Leader Jim Anderton what he is doing to stop the sale of National Bank to Australians.

"Mr Anderton yesterday applauded ACT's opposition to the sale, but didn't say what he was doing. He is a member of the Cabinet that has failed to tell the Aussies `no deal' until they fix their law, which says Australian depositors must be paid out before anyone else - including New Zealanders," Mr Franks said.

"As I said last week, `the Government must stop any sale of the National Bank to Australia until their law treats New Zealanders equally with Aussies in the event of a bank collapse'.

"Mr Anderton is a member of the Cabinet that has just pushed through a Reserve Bank Act amendment that would allow the sale to be stopped, but won't give the bank the public political and diplomatic backing to use the powers in case it upsets the Aussies.

"He is a member of the Cabinet that failed to include in the amendment powers to freeze Australian assets in New Zealand until it is clear Kiwi depositors will be treated fairly and equally with Australians. Such a weapon would ensure Australia gives New Zealand a place at the negotiating table when a major trans-national bank failure was being sorted.

"Is Mr Anderton calling on Finance Minister Dr Michael Cullen to act in New Zealanders' interests for a change? Tell the Aussie banks `transaction declined' until they give us some security. They must get their government to make the playing field level for New Zealanders if they want to profit more from us," Mr Franks said.

ENDS

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

© Scoop Media