1 00:00:00,360 --> 00:00:01,759 Speaker 1: Together do for cel. 2 00:00:01,960 --> 00:00:03,760 Speaker 2: So the government has given the green light to a 3 00:00:03,800 --> 00:00:06,640 Speaker 2: partial privatization of Kiwibank. The bank's going to raise up 4 00:00:06,640 --> 00:00:09,520 Speaker 2: to half a billion dollars from investors. Our Finance Minister 5 00:00:09,600 --> 00:00:11,920 Speaker 2: Nikola Willis told us earlier why we're not raising more 6 00:00:11,920 --> 00:00:12,160 Speaker 2: than that? 7 00:00:12,600 --> 00:00:15,920 Speaker 1: Yeah, Look, it's a really good question. Actually, Kiwibank is 8 00:00:15,960 --> 00:00:20,560 Speaker 1: in the midst of a digital transformation and their view 9 00:00:21,120 --> 00:00:27,160 Speaker 1: is that completing that is actually necessary before they go bigger, 10 00:00:27,480 --> 00:00:30,280 Speaker 1: and in terms of the Crown getting the most value 11 00:00:30,360 --> 00:00:33,040 Speaker 1: for its stake, that we will get more value in 12 00:00:33,080 --> 00:00:35,600 Speaker 1: the future once that transformation has occurred. 13 00:00:35,680 --> 00:00:38,199 Speaker 2: Genative Trainee is The Herald's Wellington Business editor and with 14 00:00:38,280 --> 00:00:41,040 Speaker 2: us evening Janey Hi Heaver right, So more to come 15 00:00:41,080 --> 00:00:42,920 Speaker 2: and what do you think listed on the share market? 16 00:00:44,560 --> 00:00:48,120 Speaker 3: I think if National and Act had their way then 17 00:00:48,240 --> 00:00:52,000 Speaker 3: Kiwibank will be listed on the New Zealand Stock Exchange. 18 00:00:52,240 --> 00:00:55,080 Speaker 3: I think there's probably still be some restrictions around that though, 19 00:00:55,200 --> 00:00:58,800 Speaker 3: like Nichola Willis suggests that she wants kee We Bank 20 00:00:58,880 --> 00:01:01,400 Speaker 3: to be for the Governant to still have a decent 21 00:01:01,480 --> 00:01:04,800 Speaker 3: chunk of ownership and for it largely to remain New 22 00:01:04,880 --> 00:01:08,119 Speaker 3: Zealand owned so I think if it is listed, it'll 23 00:01:08,160 --> 00:01:10,679 Speaker 3: be listed with a whole bunch of ifs and bats. 24 00:01:11,400 --> 00:01:14,000 Speaker 3: New Zealand First would be the spanner in the works 25 00:01:14,000 --> 00:01:19,720 Speaker 3: potentially if this coalition government, you know, gets through the 26 00:01:19,720 --> 00:01:22,840 Speaker 3: election and continues to govern after next year. 27 00:01:23,440 --> 00:01:25,960 Speaker 2: What is it that they are so apart because I mean, 28 00:01:26,080 --> 00:01:28,000 Speaker 2: surely we look at the example of I don't know 29 00:01:28,040 --> 00:01:30,920 Speaker 2: any of the power companies or in New Zealand and 30 00:01:31,000 --> 00:01:33,600 Speaker 2: we say it's working well right, that it's brought in efficiencies, 31 00:01:33,640 --> 00:01:36,240 Speaker 2: it's turning greater amount of money to the government now 32 00:01:36,240 --> 00:01:39,200 Speaker 2: that they're listed, and the government still has majority ownership, 33 00:01:39,240 --> 00:01:40,680 Speaker 2: So what are they concerned about? 34 00:01:41,440 --> 00:01:43,600 Speaker 3: Yeah, look, I think New Zealand First has always been 35 00:01:43,680 --> 00:01:46,800 Speaker 3: of the idea that the state should hold on to 36 00:01:46,920 --> 00:01:49,920 Speaker 3: its assets, and you know, it's been it's very wary 37 00:01:49,960 --> 00:01:53,760 Speaker 3: of having foreign ownership of our assets. So that's just 38 00:01:53,840 --> 00:01:57,600 Speaker 3: the position that it's always taken. I did ask Nichol 39 00:01:57,600 --> 00:02:00,720 Speaker 3: will As that today though, like what actually is the 40 00:02:00,760 --> 00:02:05,120 Speaker 3: problem of having more more foreign ownership foreign investment, and 41 00:02:05,200 --> 00:02:09,440 Speaker 3: she pointed to the fact that Kiwi's like Kiwibank being 42 00:02:09,520 --> 00:02:13,240 Speaker 3: Kiwi owned. There's some sort of sentimental aspect around that. 43 00:02:13,600 --> 00:02:17,399 Speaker 3: And that's actually part of Kiwibank's value proposition. It attracts 44 00:02:17,400 --> 00:02:20,560 Speaker 3: customers that support that concept. And you know, I think 45 00:02:20,560 --> 00:02:22,840 Speaker 3: it would be really interesting to see some polling on 46 00:02:22,840 --> 00:02:26,800 Speaker 3: on whether New Zealanders do support Kiwibank remaining k We owned, 47 00:02:26,840 --> 00:02:28,799 Speaker 3: Like we think we're going to get a better deal 48 00:02:29,280 --> 00:02:31,440 Speaker 3: because we'd have to be kiwis owners. 49 00:02:31,200 --> 00:02:32,680 Speaker 2: You know, a great idea, but we'd have to poll 50 00:02:32,720 --> 00:02:36,000 Speaker 2: only Kiwi Bank customers because guarantee you that all there 51 00:02:36,000 --> 00:02:37,880 Speaker 2: were all these numpty sitting out there going now it's 52 00:02:37,919 --> 00:02:40,200 Speaker 2: going to be ke ke We owned banking with Wye Pac. 53 00:02:40,960 --> 00:02:43,600 Speaker 3: Yeah, you know, I think that that's probably true. And 54 00:02:43,639 --> 00:02:46,920 Speaker 3: I think also if you say to people, well, you know, 55 00:02:47,400 --> 00:02:50,200 Speaker 3: would you rather have kibank key owned and your tax 56 00:02:50,240 --> 00:02:53,360 Speaker 3: payer money go into Kiwibank rather than your money go 57 00:02:53,400 --> 00:02:56,799 Speaker 3: into hospitals, that's a different equation. Because we all say 58 00:02:56,840 --> 00:02:59,360 Speaker 3: we wanted to be you know, government owned. That sounds nice. 59 00:02:59,639 --> 00:03:01,760 Speaker 3: But then when we say, well there's an opportunity cost 60 00:03:01,840 --> 00:03:04,960 Speaker 3: and there are private investors willing to put their money in. 61 00:03:06,040 --> 00:03:07,680 Speaker 3: Were you happy to let them put their money in 62 00:03:07,720 --> 00:03:09,959 Speaker 3: and the government's money can go into hospitals? Or do 63 00:03:09,960 --> 00:03:11,919 Speaker 3: you want the government's money to go into Kibi Bank 64 00:03:11,960 --> 00:03:14,680 Speaker 3: as well and not into hospitals, so it's a it's 65 00:03:14,720 --> 00:03:17,320 Speaker 3: a trade off, but I think this will definitely be 66 00:03:17,520 --> 00:03:21,560 Speaker 3: a hot election topic. Interestingly, I took to Chris Sipkins 67 00:03:21,639 --> 00:03:24,480 Speaker 3: today and he wasn't really opposed to what the government's 68 00:03:24,520 --> 00:03:26,639 Speaker 3: doing at the moment, which is just bringing in some 69 00:03:27,120 --> 00:03:30,560 Speaker 3: private capital into Kiwibank. His main thing was that the 70 00:03:30,600 --> 00:03:35,160 Speaker 3: bank remains New Zealand owned, So you know, the labor 71 00:03:35,240 --> 00:03:38,360 Speaker 3: seems okay with having some you know, New Zealand private 72 00:03:38,360 --> 00:03:42,080 Speaker 3: investors involved, but provided it stays in New Zealand. 73 00:03:42,600 --> 00:03:45,080 Speaker 2: Just it's just such a such a weird way of 74 00:03:45,120 --> 00:03:49,840 Speaker 2: seeing the world, but such as such, it is, yes. 75 00:03:49,720 --> 00:03:52,320 Speaker 3: And actually just I should say that the issue that 76 00:03:52,400 --> 00:03:55,040 Speaker 3: the superfund, which previously partly owned QB Bank, the issue 77 00:03:55,080 --> 00:03:58,680 Speaker 3: that it had was around the restrictions around what it 78 00:03:58,720 --> 00:04:02,680 Speaker 3: can do with the shares. So I think investors they 79 00:04:02,720 --> 00:04:05,720 Speaker 3: really want to know that if they want to divest 80 00:04:05,840 --> 00:04:08,080 Speaker 3: get rid of their shares, they need to be sure 81 00:04:08,080 --> 00:04:10,560 Speaker 3: that there's going to be a buyer of those shares 82 00:04:10,600 --> 00:04:12,400 Speaker 3: and they're not going to miss out. So I think 83 00:04:12,440 --> 00:04:14,040 Speaker 3: that's going to be the big, big sticking point. 84 00:04:14,120 --> 00:04:17,000 Speaker 2: Yeah, totally. Now have you seen Cash Pattel around the building. 85 00:04:18,400 --> 00:04:22,000 Speaker 3: I haven't, but my colleagues have. There was some frantic 86 00:04:22,720 --> 00:04:27,800 Speaker 3: running around the building, some sweaty foreheads. 87 00:04:28,000 --> 00:04:30,040 Speaker 2: Who busted him in the basement car park. 88 00:04:31,279 --> 00:04:34,719 Speaker 3: I think it might have been my colleague Thomas Coglin. 89 00:04:35,279 --> 00:04:37,680 Speaker 2: But you know what, only Thomas would be walking around 90 00:04:37,839 --> 00:04:40,320 Speaker 2: knowing what the director of the FBI looks like, don't 91 00:04:40,320 --> 00:04:40,760 Speaker 2: you think? 92 00:04:41,000 --> 00:04:44,960 Speaker 3: Honestly he is just a fountain of knowledge. Man, I 93 00:04:45,040 --> 00:04:47,320 Speaker 3: wouldn't it would have. It would have slipped right past me. 94 00:04:47,360 --> 00:04:50,000 Speaker 3: But you know, I've been hid down doing other things. 95 00:04:50,000 --> 00:04:51,960 Speaker 3: But I suspect there would have been a whole fanfare 96 00:04:52,000 --> 00:04:53,599 Speaker 3: around him as well. In the building. 97 00:04:53,680 --> 00:04:55,960 Speaker 2: Well, they were hiding him in the building. Actually, no 98 00:04:55,960 --> 00:04:57,840 Speaker 2: one was supposed to know that he was visiting Winston 99 00:04:57,880 --> 00:05:00,760 Speaker 2: Peters on the seventh floor. Thank you, I appreciate it. 100 00:05:00,800 --> 00:05:04,080 Speaker 2: Jaib Cheriny the Herald's Wellington business. Oh yeah, we've got it. 101 00:05:04,120 --> 00:05:06,880 Speaker 2: So so to bring you up to speed on that story. 102 00:05:06,920 --> 00:05:08,800 Speaker 2: So remember when when we sent a message through to 103 00:05:08,800 --> 00:05:12,239 Speaker 2: Winston's man Winston and we were like, what's Cash Batal 104 00:05:12,320 --> 00:05:14,760 Speaker 2: doing in Wellington? He was like, is he in Wellington? 105 00:05:15,200 --> 00:05:17,360 Speaker 2: Is he, You'll have to speak to the US Embassy, 106 00:05:17,400 --> 00:05:21,120 Speaker 2: like at while cash Betel's in the office, is he? Anyway, 107 00:05:21,200 --> 00:05:23,039 Speaker 2: So we did go to the US Embassy. This is 108 00:05:23,040 --> 00:05:26,120 Speaker 2: what the US Embassy sent us. We have many official 109 00:05:26,200 --> 00:05:28,240 Speaker 2: visits to New Zealand and we comment on these at 110 00:05:28,240 --> 00:05:30,400 Speaker 2: appropriate moments and when we are in a position to 111 00:05:30,440 --> 00:05:33,080 Speaker 2: do so. So thank you that because he said to us, 112 00:05:33,400 --> 00:05:36,880 Speaker 2: they've got a statement for you. Oh what a waste 113 00:05:36,920 --> 00:05:41,040 Speaker 2: of our time anyway. Bless for more from Heather Duplassy 114 00:05:41,080 --> 00:05:43,920 Speaker 2: Allen Drive. Listen live to news talks. It'd be from 115 00:05:43,960 --> 00:05:47,600 Speaker 2: four pm weekdays, or follow the podcast on iHeartRadio.