Labour will hold Govt to account over Hubbard

new-zealand-labour-party

Sat Aug 28 2010 12:00:00 GMT+1200 (New Zealand Standard Time)

Labour will hold Govt to account over Hubbard

Saturday, 28 August 2010, 2:22 pm
Press Release: New Zealand Labour Party

**Labour will hold Government to account over Hubbards statutory management once dust is settled
**
Labour's Commerce spokesperson Lianne Dalziel is concerned the Government has allowed the statutory management of the Hubbards to affect the future of South Canterbury Finance.

"We won't know the full details until the dust has settled, but the Government's refusal to answer questions indicates that there is a prima facie case to answer,” Lianne Dalziel said.

Lianne Dalziel said she wrote to the Minister of Commerce Simon Power about the impact on South Canterbury Finance of the statutory management of the Hubbards, especially in light of the Government guarantee.

"I was told that the Government does not comment on individual entities participating in the Retail Deposit Guarantee Scheme.

“Nor would they comment on ‘confidential conversations that occurred at the Cabinet meeting’ which put the Hubbards into statutory management.

"I am aware that this is a very worrying time for everyone concerned.
“Although investors in South Canterbury Finance have the comfort of the Government guarantee, the Government seems to have changed some of the rules of eligibility behind the scenes and the protection may not be there for some who think they can rely on it.

"Crunch time comes on Tuesday, so I accept that the Government cannot comment before then. But once the dust settled I will be asking the questions that need answering and I will demand accountability from Ministers,” Lianne Dalziel said.

ends

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