Kiwibank has scrapped it's plans for partial privatisation after the Reserve Bank announced it's reduction of the amount of capital it requires banks to hold to protect their depositors in the event of a crisis.

The bank had been talking to investors, seeking a $500 million capital raise after the Government gave it the green light to raise money to become more competitive. 

Kiwibank CEO Steve Jurkovich talked to Andrew Dickens about the change and the future of the market. 

LISTEN ABOVE

Kiwibank has scrapped it's plans for partial privatisation after the Reserve Bank announced it's reduction of the amount of capital it requires banks to hold to protect their depositors in the event of a crisis.
The bank had been talking to investors, seeking a $500 million capital raise after the Government gave it the green light to raise money to become more competitive.&nbsp;
Kiwibank CEO Steve Jurkovich talked to Andrew Dickens about the change and the future of the market.&nbsp;
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Steve Jurkovich: Kiwibank CEO chats scrapped $500m capital raise

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/0f6fb40d-2e7e-446e-9f2d-b3b80060b084/transcript

A double-pronged mistake meant more more than 30,000 benefit payments were incorrectly suspended.

A review has found superannuitants were wrongly made to confirm their circumstances to get the Winter Energy Payment in legislation passed under urgency.

The high number of confirmations meant processing delays, and people’s benefits didn't continue when they should have.

The Ministry of Social Development's paid more than $2.5 million dollars in arrears, and is apologising to the thousands impacted.

Chief executive Debbie Power says people questioning it from April were told it was no mistake, and it wasn't raised with the Minister until August.

"The policy intent was never to impact these clients in this way, we got it wrong."

LISTEN ABOVE

A double-pronged mistake meant more more than 30,000 benefit payments were incorrectly suspended.
A review has found superannuitants were wrongly made to confirm their circumstances to get the Winter Energy Payment in legislation passed under urgency.
The high number of confirmations meant processing delays, and people’s benefits didn't continue when they should have.
The Ministry of Social Development's paid more than $2.5 million dollars in arrears, and is apologising to the thousands impacted.
Chief executive Debbie Power says people questioning it from April were told it was no mistake, and it wasn't raised with the Minister until August.
"The policy intent was never to impact these clients in this way, we got it wrong."
LISTEN ABOVE

Debbie Power: MSD chief executive on the review into the Ministry's thousands of payment errors

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/70e18aac-2ad6-471c-8a67-b4c1005d9d9a/transcript

The Ministry of Social Development wrongly cut financial assistance in over 30,000 cases, according to new reports.

A recent review has found several Winter Energy Payments, main benefits, and supplementary assistance were mistakenly paused - and the Ministry has since issued an apology. 

Newstalk ZB senior political correspondent Barry Soper says Labour's Chris Hipkins has been quick to condemn this and says the MSD shouldn't take the blame for the Government's mistakes. 

LISTEN ABOVE

The Ministry of Social Development wrongly cut financial assistance in over 30,000 cases, according to new reports.
A recent review has found several Winter Energy Payments, main benefits, and supplementary assistance were mistakenly paused - and the Ministry has since issued an apology.&nbsp;
Newstalk ZB senior political correspondent Barry Soper says Labour's Chris Hipkins has been quick to condemn this and says the MSD shouldn't take the blame for the Government's mistakes.&nbsp;
LISTEN ABOVE

Barry Soper: Newstalk ZB senior political correspondent on the report into the MSD payment errors

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/cafa2469-7e15-46cf-b327-b4c10059ec23/transcript

New data from the Insurance Council of Australia has revealed the latest stats around car theft, as well as a growing black market propped up by sanctions.

Organised crime groups are reportedly stealing Australian cars and stripping them down to sell off the parts in Iran and Russia.

Australian correspondent Oliver Peterson says there's a sophisticated network behind these growing cases, with many of these thefts happening in Victoria.

LISTEN ABOVE

New data from the Insurance Council of Australia has revealed the latest stats around car theft, as well as a growing black market propped up by sanctions.
Organised crime groups are reportedly stealing Australian cars and stripping them down to sell off the parts in Iran and Russia.
Australian correspondent Oliver Peterson says there's a sophisticated network behind these growing cases, with many of these thefts happening in Victoria.
LISTEN ABOVE

Oliver Peterson: Australian correspondent on the new reports revealing Australian cars are stolen for parts to send to Iran and Russia

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/2680aeb1-32ca-4d5c-9756-b4c1005324c1/transcript

Steve Jurkovich: Kiwibank CEO chats scrapped $500m capital raise

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