2. RODNEY HIDE (Leader—ACT) Link to this
to the Member in charge of the Westpac New Zealand Bill
Is she proposing any amendments to the Westpac New Zealand Bill to advise New Zealand customers of Westpac what assets will be backing their deposits before her bill shifts them into the new company Westpac New Zealand Ltd; if not, why not?
Hon MARIAN HOBBS (Member in charge of Westpac New Zealand Bill) Link to this
No. The amendments are in the hands of the Finance and Expenditure Committee.
Does she think it is fair on the customers of Westpac to be compulsorily shifted into a new company without knowing what assets and liabilities will back their investments, particularly when the Government is being careful with its $750 million tax claim against Westpac, which will not be with the new company that is being set up?
I have two responses. First of all, the vesting order process provides, I think, transparency for New Zealand customers. Second, I am slightly worried by the compliance costs that would be borne by the New Zealand customers of Westpac if his process were carried out.