The Prime Minister is refusing to say Kiwibank won't be privatised, despite promising before the election that it would never be sold.
Mr Key told Parliament today that all he can promise is there will be no asset sales in this term of the National-led Government.
Questions about Kiwibank's future were raised last month after Finance Minister Bill English suggested that shares in the bank could be sold.
During question time in Parliament today, Progressive Party leader Jim Anderton asked Mr Key about pledges the Prime Minister had made before the election never to sell Kiwibank.
But Mr Key wouldn't repeat those promises in Parliament, simply restating National's policy that it won't sell any state assets in its first term of government.
He doesn't accept, he says, that that's different to the pre-election promise he made to always keep Kiwibank in government ownership.