City Vision-Labour Councillors - Auckland City Council

Wednesday 27 January 2009

Banks Sees the Light on Airport Shares

At todays extraordinary Auckland City Council meeting, contrary to recent history when sales of shares in Auckland International Airport Limited (AIAL) have been on Banks and Citizens and Ratepayers (C&R) agenda, there was instead discussion on whether to buy AIAL shares. The Councils unanimous decision today to spend $16 million has the result of maintaining the councils stake in AIAL at the current 12.71% in keeping with councils policy on preserving the councils AIAL shareholding percentage.

Councillor Glenda Fryer said, At todays council meeting, I was very shocked when the Auckland Mayor John Banks announced his disappointment at the shonky overpriced deal by AIAL when they purchased a quarter share of North Queensland Airports and that he considers the Auckland Airport a poorly performing asset. The Auckland Airport is an important strategic asset and Aucklanders support continuing local government ownership of our shares.

Councillor Graeme Easte said, I find it curious that the Mayor, who was so keen to sell all Auckland City Councils AILA shares during his last term, has now seen the wisdom of Council maintaining a strategic shareholding in this very important asset."

Councillor Richard Northey said I supported the Auckland City Council maintaining its percentage shareholding in the Auckland Airport because Auckland residential and business ratepayers have regularly told the Council in submissions that the Auckland Airport is an absolutely vital strategic and economic asset and needs a substantial council shareholding to uphold the public interest.

Councillor Leila Boyle said, The City Vision-Labour team has always supported the Auckland City Councils holding onto our AIAL shares and we are pleased that Council today unanimously decided to maintain our 12.71 per cent shareholding.

ENDS

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