Katene Rahui: Westpac New Zealand Bill — Third Reading 
Katene Rahui: Westpac New Zealand Bill — Third Reading 
[Volume:673;Page:19402] 
RAHUI KATENE (Maori Party—Te Tai Tonga) 
: 
 Over the last few months when I have stood in this Chamber to debate a bill like the Westpac New Zealand Bill I have had several déjà vu moments—those experiences of having been here before. It is a bit like what we in Christchurch have started to call Groundhog Day—been there done that ready to move on. Debating these bills is an experience akin to being on the set of a rolling movie called  
The Emperor’s New Clothes 
. 
Some members in the House might remember that story. It is a story in which two weavers promise the emperor a new set of clothes clothes that are invisible to those unfit for their position stupid or incompetent. When the emperor parades before his subjects however a voice rings out: “He isn’t wearing anything at all.” 
Of course no one in this House could be said to be unfit for their position or stupid or incompetent so I am very pleased to stand here today and see that we are all clothed. But what may be invisible is the cloak of steel that every Christchurch MP wears when he or she comes back to this House. It is a cloak that reflects the courage the grit and the sheer determination of each one of our constituents as they will themselves to face another day in the wake of ongoing tremors of the earth. 
The point of the story is just to point out the utter contrast that Christchurch MPs encounter as we try to reconcile the reality of our lives at home with our business in the House. It is such a constant challenge to focus on the events of the legislative day when back in Christchurch my Aranui office is unusable again—or was until late this morning. The water is out the roof has partially fallen in and what is even worse for my staff is that the TV is munted. 
Following the double whammy of aftershocks on Monday my constituents in the eastern suburbs are once again confronting the challenge of cleaning up the liquefaction. We have people staying in Cowles Stadium Welfare Centre again. The water tankers are out on the roads and the Farmy Army and the student army are getting themselves prepared to get out on the streets again. Throughout it all fatigue and tension overwhelm us all. 
It is not just the nerves and the buildings that have taken a hit. Our economic position is once again threatened by as much as an estimated $6 billion in new damage. I lay all this before the House as part of the context in which we consider the Westpac New Zealand Bill. The entire economy and in particular the Canterbury economy is in such a state of uncertainty as we reel from the impacts of earthquakes and related damage. We must ensure we respond to such uncertainty by acting in decisive ways to improve efficiencies and to do whatever is necessary in any quarter to achieve the stability we all desire. 
So in that sense we turn to this bill knowing that it is part of a move to improve compliance and accountability in the banking sector to ensure the efficient conduct of Westpac New Zealand’s core business. The Maori Party supports the intention of this bill to vest certain assets and liabilities of Westpac Banking Corporation into Westpac New Zealand rather than their remaining incorporated in Australia. It is consistent with the Reserve Bank’s local incorporation policy and it complies with the overall direction to bring such banks home. 
We understand also that legislation is the only means by which the vesting of these assets and liabilities in Westpac can be effected efficiently and economically. As such we will of course support this move. As I understand it both Westpac Banking Corporation in Australia and Westpac New Zealand will be able to continue to share information and intellectual property. These are all factors we can support in the third reading of the bill. In particular we support the basic principles of a local incorporation policy as it is consistent with Maori Party policy of keeping things local of investing in our own sovereignty. 
Six months ago Ngai Tahu leader Mark Solomon along with Tuku Morgan Naida Glavish and Ngahihi O Te Ra Bidois attended a meeting on public-private partnerships hosted by Sir Ron Carter with all the major banks and 40 major companies. At that meeting there was a big banner asking: “Are iwi ready to invest?”. Mark Solomon faced the gathering and told them that their question was back to front. He suggested that the question should read: “Are you ready to invest with iwi as we have stood in front of you all for 150 years and been absolutely invisible.” There is something in his comment I think to consider as we reflect on the direction outlined in this bill—trusting in our own domestic market. 
Finally although we support this bill at its third and final reading I just note that at some point in this House we need a full discussion about the leadership of the banking and the finance industry in terms of putting in place measures to prevent or mitigate the damaging effects of a global recession.