A previous National Government attempted to place a $1 billion fiscal cap on all settlements in 1994, however this was dropped after universal opposition from Maori.
On the surface progress looks good, and peaceful Waitangi Day celebrations this year set an air of renewed positivity.
But the biggest settlement still lies ahead.
Internal iwi division surrounding the upcoming settlement process for New Zealand's largest iwi, Ngapuhi, has seen Mr Key take the unusual step of offering the group a cash incentive to resolve their differences and settle this year. Critics claim it's just an attempt by Mr Key to sweeten the ticket for voters ahead of this year's election, and it's better if the process is done properly and not rushed through.
How far have we come?
The Waitangi Tribunal has come a long way since its early, slow beginnings in the 1970s.
Set up to inquire into and make recommendations for settling claims by Maori relating to Treaty breaches by the Crown, it is without international parallel.
Although the initial pace of settlements was sluggish, it ramped up in 2007 when Labour's Deputy Prime Minister, Michael Cullen, took over Treaty negotiations, requiring all historical claims to be registered by September 2008.
But National says it too has made good progress with settling Treaty grievances.
In a Waitangi Day statement, Mr Finlayson said the completion of all settlements was now an "achievable goal".
"It can happen, with the goodwill of all parties, in the next few years. The settlements will end not because Maori and the public have tired of them, but because they are finished."
Processing some of the largest settlements first, such as $170 million each for Ngai Tahu and Tainui in the 1990s, and a further $170 million for Tuhoe last year, has helped clear the path to focus on smaller claims.
Victoria University School of Maori Studies Associate Professor Peter Adds says politicians were right to initially focus on the bigger settlements.
Addressing historical Treaty claims is "a long, slow process", he says.
"I don't think either the Office of Treaty Settlements or the Waitangi Tribunal are properly resourced to deal with them quickly. Even [an] aspirational 2020 date to get them all mopped up is pretty unlikely I would have thought."
"Myriad" time-consuming small claims still need to be dealt with individually around the country, he says. "I think people are probably underestimating that to some extent."
Missing the 2014 deadline goal is not of huge significance, with many claimant groups preferring to address claims thoroughly instead of rushing them through, he says.
"Iwi have been waiting a long time for this stuff anyway, and a few more years is not going to hurt them."
Causes of delay
One of the biggest factors delaying settlements is division within iwi, as factions debate which representatives are best placed to spearhead settlement processes.
Ngapuhi, in Northland, has been through a five-year process to agree on an organisation which can best represent the interests of its 115,000 members in Treaty negotiations with the Crown. The iwi is asking for a settlement of about $500 million, which Mr Finlayson has indicated is unlikely.
On February 14, the Government formally recognised runanga-based organisation Tuhoronuku as the entity it will negotiate with on behalf of the iwi, however Tuhoronuku's mandate has been opposed by some hapu.
The infighting has prompted Labour MP and Ngapuhi Shane Jones to call on the iwi to put aside its differences and move towards a settlement for the betterment of its people.
"When you look at all the negative statistics - poor health, education, employment, crime - Northland and Ngapuhi are at the forefront and [the settlement] will help to overcome all those negatives and help Ngapuhi move forward positively," he says.
Mana Party leader Hone Harawira says it's doubtful the Government's cash incentive offered on Waitangi Day - which could be tens of millions of dollars - will hurry a settlement.
Professor Adds says, "It's just not possible" to do some settlements as quickly as politicians would like.
However, if National has the "political willpower" to get a settlement achieved this year, with John Key personally involved, it's possible they will get their way.
Splits, disruptions and arguments often occur within iwi looking to settle, and cases such as Ngapuhi seem to be "the norm rather than the exception".
A further delaying factor is whether the Crown's offer of redress is enough for an iwi, he says. "The expectations of iwi around what should be returned and what the Crown thinks should be returned are often quite far apart."
Although he hopes Ngapuhi receive the redress they deserve, a large settlement could prompt protests from other iwi who settled for less and might want a review of their settlement packages.
Models of success
Lucrative settlement proceeds can bring about massive improvements for iwi beneficiaries and the post-settlement process is a critical time for iwi deciding how to put their assets to best use.
A post-settlement governance entity (PSGE) must be established before an iwi receives its assets. But once the assets are passed on from the Crown, a PSGE has the power to use the assets as it wishes without further interference.
In some cases this has worked brilliantly, with Ngai Tahu and Tainui using their resources to become huge powerhouses, generating jobs and wealth for their people by making winning investments into ventures such as tourism, primary industries, fisheries and capital markets.
In 2011, their assets were already worth a collective $1.2 billion.
Professor Adds says for Ngai Tahu, the secret of their success was having in-house expertise, with many of their people well-educated in Government positions or the private sector.
Righting the wrongs
While the settlements go some way to redressing historical wrongs, there are many hurts that money cannot heal.
Land confiscated, villages burned, families killed and men executed, history lost - these historic traumas are difficult to move on from.
Mr Finlayson says historical Treaty claims are not "ancient history".
"They are family histories, passed down from great-grandparents to their great-grandchildren. They are living memories of the history of the areas in which iwi still live and work.
"Some people say they want an end to historical settlements. Most people agree. I do. Maori want them resolved as well."
The Government is determined to put right the thoroughly and accurately documented cases of hurt caused by the Crown's wrongful actions in the past, he says.
Professor Adds says in the short term finalising all settlements will bring calm, but some finalised settlements will continue to be re-litigated because the breaches committed were "horrific".
"There simply isn't money and enough assets to provide justice." APNZ
