Asked by the Herald to elaborate on how the Crown would fund the purchase, a spokesman for the party said it would be open to KiwiSaver fund managers buying shares in the big new bank.
As previously announced, NZ First would also fund the purchase by:
- Issuing regular government debt – New Zealand Government Bonds (NZGB)
- Creating a new sovereign wealth fund and getting it to issue debt (bonds) to specifically pay for the new bank
- Getting the Accident Compensation Corporation (ACC) and the New Zealand Super Fund to invest in the bank
- Capitalising on Kiwibank’s capital base
Bonds and shares would need to be traded locally
NZ First clarified it would only want Kiwi investors to buy the special bank bonds and would restrict them from…