Flavell Te Ururoa: Westpac New Zealand Bill — Second Reading 
Flavell Te Ururoa: Westpac New Zealand Bill — Second Reading 
[Volume:672;Page:18372] 
TE URUROA FLAVELL (Maori Party—Waiariki) 
: 
 Tena koe. I am not one to follow the finance sector. I am not an expert on this area so I tried to do a bit of research. Apparently just over 6 weeks ago the former bank president and senior loan officer of the FirstCity Bank of Georgia in the USA were charged with a variety of offences including conspiracy to commit bank fraud and misconduct in the years before the bank’s seizure by state and federal authorities in 2009. At the time of reading the indictment the United States attorney Sally Quillian Yates said: “The entire country has felt the deep economic impact of failed banks. At the heart of this indictment is an abuse of power by key insiders who are charged with tricking their own colleagues into approving millions of dollars in commercial loans to fund the defendants’ own personal business activities and to enrich themselves at the bank’s expense.” It is scandals such as these that make Alan Bollard Governor of the Reserve Bank reach only the lowly spot of 64 in last year’s list of most trusted people in New Zealand trailing behind a cast of movie stars sports people and celebrity chefs but I note not one politician. 
The recent volatility of financial markets internationally has had its own direct impact here in Aotearoa. I remember during the first reading of the Westpac New Zealand Bill that mention was made of the fact that the Westpac Chief Executive Officer George Frazis was rewarded with a $5 million pay package—over 100 times the income of some of the staff he represented. I know that the bill is not about cases of bank fraud offshore or even about the salary package of Westpac employees but both of those factors contribute to a general context of some uncertainty in the banking industry and the financial sector. The truth is that the global recession has affected the whole of New Zealand including the banking sector so when we come to the bill which is essentially to ensure the efficient conduct of Westpac New Zealand’s business we cannot help but be influenced by the wider context I referred to. 
However we also acknowledge that nothing in the bill exempts Westpac from the provisions of any enactment relating to banks or banking—including the Reserve Bank Act and policies—and the banking code of conduct will still apply in order to protect customers and clients. By implication the Maori Party supports compliance and accountability with legislation to monitor banks and services to customers and we acknowledge too that the transfer will include and ensure protection of the rights of employees. 
I do not want to go on for too long on this topic but we do want to recognise that Westpac has a reputation for giving due and specific attention to Maori business and initiatives within the Maori community such as the Westpac Maori scholarships and the financial education programme. Westpac also demonstrates a commitment to developing specific Maori products and services such as papakainga lending tangihanga insurance and iwisaver. To top it all off Westpac is developing customer and product information in te reo Maori. Me mihi ki a ratou ka tika. 
Banking at its very essence is all about balancing the ledger and measuring the values of assets against the costs of deficits. In this way we recognise that the bill is fundamentally about the transfer of assets and liabilities from one banking entity to another and in that respect is largely practical in nature. 
Taking everything into account we support the bill at its second reading with a genuine commitment to ensuring that a more efficient transparent and accountable banking service is in place for the betterment of all. Kia ora mai.