“Further to the of the decision of the High Court at Auckland last Thursday, I will resign the seat of Epsom effective from 5pm this Friday the 13th of June 2014” Mr Banks said.
“I will write to the Speaker tomorrow advising him of my resignation, said Mr Banks.
“This timeframe allows a number of constituency, administrative and staffing matters in Epsom and Wellington to be dealt with over the next few days.
“I have been privileged to serve the people of Epsom and New Zealand at both a local level and in Wellington.
“I have given my heart and soul over four decades to making a worthwhile contribution to this country. I have always endeavoured to do the right thing. Consequently I am deeply saddened at this turn of events.
“As the matter is still before the Court I will be making no further comment” said Mr Banks.
This is a sad end to decades of public service motivated by the desire to balance the family ledger.
It is however, the honourable thing to do.