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Cabinet paper

Cabinet Paper DEV-22-SUB-0051: Update on Kiwi Group Holdings (Kiwibank)

Issue date: 
Wednesday, 21 December 2022
Status: 
Current
Version note: 

Some parts of this information release would not be appropriate to release and, if requested, would be withheld under the Official Information Act 1982 (the Act). Where information has been withheld, no public interest has been identified that would outweigh the reasons for withholding it.

View point: 
Government
Document Date: 
Thursday, 24 Mar 2022
Publication category: 
Official information
Copyright: 
Creative Commons Attribution 4.0 International
Ministerial Portfolio: 
Finance

Accessible version

Only the Purpose of this Cabinet paper is extracted below in HTML. If you require a full accessible version please contact [email protected] and cite DEV-22-SUB-0051 as a reference.

Cabinet Paper DEV-22-SUB-0051: Update on Kiwi Group Holdings (Kiwibank)

Purpose

  1. This paper updates Cabinet on negotiations with the New Zealand Superannuation Fund (NZSF) regarding the purchase of shares in Kiwi Group Holdings (KGH) and proposes that the Government moves to purchase sufficient shares in KGH to ensure KGH’s ownership is stable and the Crown can establish sustainable long-term ownership arrangements for KGH. An appropriation is sought to cover the additional cost of specialist commercial and legal expertise to advise on the transaction. The Minister of Finance and Associate Minister of Finance (Hon David Parker) will negotiate the purchase of KGH shares conditional on Cabinet approval of the necessary appropriations from Cabinet following the Budget moratorium.

Related content

Related information: 
Cabinet Minute DEV-22-MIN-0051: Update on Kiwi Group Holdings (Kiwibank)
Project Korimako - Release of advice
Last updated: 
Wednesday, 21 December 2022