Keep KiwiBank Kiwi, Mr Key
David SHEARER
Labour Leader
2 September 2012
MEDIA STATEMENT
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.
Keep Kiwibank
Bill
Member’s Bill
Explanatory note
General policy statement
Kiwibank is a wholly owned subsidiary of the State-Owned Enterprise, the New Zealand Post Group. New Zealand Post Ltd, including Kiwibank, is wholly owned by the Crown through its Shareholding Ministers.
All decisions relating to the operation of a State-Owned enterprise are the domain of the board of the State enterprise in accordance with the Companies Act and the enterprise's statement of corporate intent. The Shareholding Ministers have no authority to direct the State Owned Enterprise concerning its operations, except in the limited and transparent ways set out in the State Owned Enterprises Act 1986. This means that the Board of New Zealand Post Ltd could decide to sell all or part of Kiwibank, would ensure that any proposal to partly or wholly privatise Kiwibank would require the support of 75% of all members of the House of Representatives, or alternatively, from a majority of voters in a referendum, in order to lawfully proceed.
Clause by clause analysis
Clause 1 is the title
clause.
Clause 2 provides that the Act comes into
force on the day after the date on which it receives Royal
Assent.
Clause 3 is the purpose
clause.
Clause 4 is an interpretation
clause.
Clause 5 provides that the Act binds the
Crown.
Clause 6 restricts the present owner of
Kiwibank, NZ Post Ltd, from selling or disposing of
Kiwibank, except where such sale of disposition has been
approved either by a 75% majority of all Members of the
House of Representatives , or by a majority of the valid
votes cast in a poll of enrolled voters.
Hon
Clayton Cosgrove
Keep Kiwibank Bill
Member’s Bill
Contents
Page
1
Title
1
2
Commencement
1
3
4
5
6
Purpose
Interpretation
Act binds the Crown
Restriction on sale of
Kiwibank
1
1
1
The Parliament of New Zealand enacts as follows:
1
Title
This Act is the Keep Kiwibank Bill
2012.
2 Commencement
This Act comes into force on the day after the
date on which it receives the Royal assent.
3
Purpose
The purpose of this Act is to ensure
that Kiwibank continues to be owned by the New Zealand
people, unless and until it is absolutely clear that they no
longer wish to own Kiwibank.
4 Interpretation
In this Act, unless the context otherwise
requires, - New Zealand Post Ltd means the State enterprise
New Zealand Post Ltd as listed in Schedule 1 of the State
Owned Enterprises Act 1986 Kiwibank means the wholly owned
subsidiary of New Zealand Post Ltd that currently operates
as a registered New Zealand Bank.
5 Act binds the
Crown
This Act binds the Crown.
5
Restriction on sale of Kiwibank
Despite any
other enactment or rule of law, no sale or other disposal of
ownership or control of all or any of New Zealand Post Ltd's
interest in Kiwibank may proceed unless a proposal to do so,
including a proposal contained in a clause in a Bill,
-
(a) Is agreed to by a 75% majority of all members of
the House of Representatives; or
(b)Has been carried by a
majority of the valid votes cast at a poll of the electors
of the general and Māori electoral
districts.
ENDS