5 October 2015

Greens celebrate $120 million savings from banking tender

The Green Party is celebrating the conclusion of an uphill battle to get National to run a competitive tender process for New Zealand’s biggest banking contract – the Government’s master banking contract.

Westpac has been the Government’s banker for over 25 years and the Green Party has pushed to have this cosy banking relationship exposed and put up for tender. The open tender process will now save taxpayers $120 million in lower bank fees over the next eight-year contract.

“The Green Party has been pushing National to retender the Government’s banking contract since 2010,” said Green Party finance spokesperson Julie Anne Genter.

“The successful retendering of the Government’s banking contract will now save taxpayers $120 million.

“Bill English promised results in the 2011/12 fiscal year. It’s been an uphill battle to get him to retender the Government’s banking contract and make big savings for the taxpayer.

“In the future, we’d like a New Zealand-owned bank to become the Government’s banker, in line with our aim to build stronger New Zealand-owned businesses and jobs.

“We also hope Government ministers distanced themselves from the final decision to appoint Westpac as the Government’s main transactional banker.

“Ministers received extensive corporate treating from Westpac in the past, like tickets to Bon Jovi concerts and seats at Westpac’s corporate box at the Westpac stadium,” said Ms Genter.

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