“To whom exactly has NZ become indebted?” OIA reply from Minister of Finance – Bill English!
17 March 2011
“To whom exactly has NZ become indebted?” OIA reply from Minister of Finance – Bill English (passed on from NZ Prime Minister John Key)
A) 26 January 2011 I send an OIA request to Prime Minister John Key:
26 January 2010
‘Open Letter’/ Official Information Act to Prime Minister John Key:
“To whom exactly has NZ become indebted?”
Dear Prime Minister,
You were quoted as saying, on 25 January 2011:
“Our high level of foreign debt is New Zealand’s biggest vulnerability.”
Can you please uphold the principles of ‘open, transparent and democratically accountable’ government, and provide the following information:
1) On a ‘line-by-line’ accounting basis, provide the detailed information which shows EXACTLY to whom New Zealand has become indebted, since the National /ACT Government came to power in November 2008.
2) In particular, the information which confirms since the National /ACT Government came to power in November 2008, whether or not New Zealand has become indebted to the Bank of America, any subsidiaries of the Bank of America, or any lending institutions of any form, which have any connections to the Bank of America. ”
B) On 3 February 2011, I asked John Key at a Grey Power Public Meeting at Papatoetoe, if he, as a shareholder in the Bank of America, was personally profiting from NZ’s growing indebtedness. (Filmed, then put on ‘You Tube’):
Will John Key Profit From NZ Foreign Debt?
C) ‘Released under the Official Information Act’ – the reply from Minister of Finance – Bill English dated 9 March 2011, (OIA passed from Prime Minister John Key to Minister of Finance, Bill English).:
” Question One
I have interpreted your first question in light of your second question, as referring to public sector debt, rather than the private sector debt. In regard to public sector debt, I have further interpreted your question as relating to Sovereign-issued debt only.
The Government does not enter into individual loan agreements when borrowing money. Instead the Government issues marketable securities which can be traded by investors. The Government issues securities through regular weekly tenders of Treasurey Bills and Government Bonds. The Government issues a small amount of debt to retail investors resident in New Zealand through its Kiwi Bond programme.The Government has also issued some securities through off-shore borrowing programmes.
The Government Bonds and Treasury Bills are sold to registered tender participants. The tender results are available on the New Zealand Debt Management Office’s website at www.nzdmo.govt.nz . The tender participants may on-sell their bonds to clients or other investors. The clients tend to be various types of financial institutions either in New Zealand or offshore such as pension funds, investment funds, insurance companies and central banks. These securities may also be on-sold in smaller denominations through banks or brokers to private individuals. The New Zealand Debt Management Office does not hold complete ownership details of Government Bonds and Bills as many investors hold their investments through companies providing custodial services.
A list of the amounts outstanding under all the Government’s borrowing programmes as at 30 June 2009 is in the “New Zealand Economic and Financial Overview” which is available at www.nzdmo.govt.nz/publications/nzefo/2010 . The latest information, as at 30 June 2010, has not yet been published. However, I have attached the relevant pages in response to your request.
Updated monthly figures are published in the government Financial Statements which are available at www.treasury.govt.nz/government/financial statements/monthend
Furthermore, I refer you to the tender results history data for both Treasury Bills and Government Bonds which is available online at: www.nzdmo.govt.nz/publications/data .
As noted above, the New Zealand Debt Management Office does not hold complete ownership details of Government Bonds and Bills as many investors hold their investments through companies providing custodial services. Therefore we are unable to confirm whether the Bank of America holds any New Zealand Government securities. I recommend you contact the Bank of America directly for this information.
This fully covers the information you requested.
Hon Bill English
Minister of Finance.
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