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Media release from the Taxpayers' Union

MEDIA RELEASE

GREEN BANK – WHAT COULD POSSIBLY GO WRONG?

13 MAY 2014
FOR IMMEDIATE RELEASE

The Taxpayers’ Union is disappointed that the Green Party have announced plans to risk $120 million of taxpayers’ money on a so called ‘green investment bank’.

“Despite successive failure, why do politicians think that they can manage a bank better than the experts?” asks Jordan Williams, Executive Director of the Taxpayers’ Union. "The Green Party claims that their bank will be ‘for profit’ but if green technologies were so profitable, what’s stopped commercial banks getting in on the action?”

"The Green Party have a history of incorrectly forecasting high returns in green technologies. In 2001 the Party trumpeted its superannuation fund investing in a wind farm company. Since then, the shares have lost 96% of their value."

Does Russel Norman really think that bureaucrats will make profitable decisions with $120 million of taxpayer money, when the Green’s can’t even get it right with their own?"

"We all support developing green energy, but people should pick winners with their own money not be forced to risk nearly $70 per household taken via the tax system."

ENDS

ENQUIRIES:

Jordan Williams
021 762 542

NOTES TO EDITORS:

The New Zealand Taxpayers’ Union is a non-partisan activist group, dedicated to being the voice for Kiwi taxpayers in the corridors of power. It’s here to fight government waste and make sure New Zealanders get value for money from their tax dollar.

The Taxpayers’ Union operates a 24 hour media line for comment on taxpayer issues. Representatives are available on (04) 282 0302.

High resolution images and logos are available on request or online at http://www.taxpayers.org.nz/pages/resources