Peck Mark: Questions for Oral Answer — Questions to Ministers 
Peck Mark: Questions for Oral Answer — Questions to Ministers 
[Volume:624;Page:19111] 
4.  
MARK PECK (Labour—Invercargill) 
 to the  
Minister for State Owned Enterprises 
: Has he received any reports on the recent performance of Kiwibank? 
Hon PAUL SWAIN (Minister for State Owned Enterprises) 
: 
 Yes. Kiwibank recently declared a 6-month profit of $2.5 million. That taxpayer-owned business is now performing considerably better than originally projected in all target areas. Why the National Party would ever want to sell it off beats me. 
Mark Peck 
: Would the Minister share with the House whether he has seen any recent reports on Kiwibank and the details of those? 
Hon PAUL SWAIN 
: I would be delighted. I have seen a report in which Don Brash stated that he would sell Kiwibank if it were up to him. I have also seen a report stating that John Key the National Party spokesperson on State-owned enterprises would consider selling Kiwibank in the second term of any National Government. Fortunately for Kiwibank customers given the hopeless state of the National Party at the moment their bank is safe. 
John Key 
: Does the Minister support the ambitions held by Kiwibank’s management to expand the bank into business banking and if he does how much capital is the Government prepared to give to support that ambition held by the management? 
Hon PAUL SWAIN 
: Any proposal for expansion is in the first instance a decision taken by the board which then comes to see the Government. But I can say that this Government is absolutely firmly committed to keeping Kiwibank—not to flog it off as the National Party says that it will do. My message to Kiwibank account owners is this: they should just remember that National Party members want to sell their bank just as they want to sell other State assets that have been built up by taxpayers’ money over many many years. 
Sue Bradford 
: Is the Minister concerned that Kiwibank has not met its targets for the Kiwibank In Reach homeownership programme for low-income families and what steps if any is he taking to ensure that it does meet those targets in future? 
Hon PAUL SWAIN 
: Although the bank has reached its targets in many many areas I cannot comment specifically on that. I do know that there is huge confidence in Kiwibank. Now it is well on target to achieving 300000 customers when the National Party and the ACT party said it would fall over before it reached its first milestone and the profits would be down. I can say that under this Labour-led Government Kiwibank is safe. We will continue to own it New Zealanders want to own it and the National Party would fiddle with that policy at its peril. 
Hon Matt Robson 
: Can the Minister confirm that the people’s New Zealand - owned bank is on track to having half a million customers or more within 3 to 4 years and why would any future Government disregard so many Kiwis’ interests by ever trying to sell that bank? 
Hon PAUL SWAIN 
: Yes I am delighted to confirm that to my colleague but I cannot imagine any reason why a party that is serious about getting elected would ever contemplate trying to sell it—it just beats most people. Those National Party members in thinking of selling and flogging off State assets must know that people do not want that. They rejected it and the National Party will pay the price for doing that.