Ngai Tahu is keeping a "watching brief" on Treaty settlements as they approach the $1 billion mark, with the iwi set to earn millions of dollars from a ratchet clause negotiated as part of its 1997 settlement.
Figures released to the Otago Daily Times reveal the total value of all completed historical Treaty settlements to date total $831 million - expressed in 1994 dollar terms.
When settlements reach $1 billion, a "ratchet clause relativity mechanism" - negotiated as part of the iwi's $170 million settlement with the Crown, would apply.
"Te Runanga o Ngai Tahu is keeping a watching brief on Treaty settlements in respect of the relativity clause, which forms part of its settlement negotiated with the Crown in 1997," Ngai Tahu kaiwhakahaere Mark Solomon said.
"If and when the $1 billion threshold is surpassed, we will be in a position to talk with the Crown about how we plan to proceed.
The relativity clause is one of a number of economic redress mechanisms included in our settlement which we will honour and utilise for the benefit of our 42,000 registered tribal members."
Once settlements reach the $1 billion mark, Ngai Tahu and Tainui (which also negotiated a ratchet clause) will be entitled to a percentage of future settlements.
Each October, Ngai Tahu receives notification from the Crown on whether the relativity mechanism has been triggered and a calculation of the total redress to date.
For the financial year to June 2007 the value of redress was calculated to be about $653 million.
A spokesman for Dr Michael Cullen, Minister in Charge of Treaty Negotiations, said it was not possible to precisely forecast when the relativity clause would apply, "but most likely in the next couple of years".
It was unlikely the Crown would buy out the ratchet clause, he said.
National Party treaty negotiations spokesman Chris Finlayson said buying out the relativity clause was a possibility.
"It is always an option," he said.
