Katene welcomes review of $1.7b Govt bailout

te-pati-maori

Tue Oct 12 2010 13:00:00 GMT+1300 (New Zealand Daylight Time)

Katene welcomes review of $1.7b Govt bailout

Tuesday, 12 October 2010, 5:32 pm
Press Release: The Maori Party

Katene welcomes review of $1.7 billion Govt bailout

Maori Party finance spokesperson Rahui Katene has welcomed the Auditor General’s decision to re-look at the Government’s recent $1.7 billion bailout of private investors.

Mrs Katene revealed that many of her constituents had raised questions around the whole concept of compensation and restoration of justice – concepts which rung true for them when they compared the compensation from the Retail Deposit Guarantee Scheme with the context of Treaty settlements.

“Our party is really concerned about that bailout because, unlike the private investors, who were getting back 100% back of what they lost, our iwi and hapu were only getting back 2% of the real value of their claims,” Mrs Katene said.

“We welcome the Auditor General’s decision to do a performance audit of the Crown’s Retail Deposit Guarantee Scheme which, among other things, made the South Canterbury Finance bailout possible.

“The audit is unlikely to compare the treatment Treasury and the Government give Maori and predominately non-Maori groups, but we welcome the move because we want an economy that works for everyone.”

ENDS

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