20 February 2001

ANDERTON'S $80 MILLION TAXPAYER HANDOUT TO OVERSEAS BANKS

The so-called People's Bank is nothing more than a massive taxpayer handout to private sector overseas-owned banks, says United Future leader, Hon Peter Dunne.,

"By setting up this bank to cater for the least profitable sector of the banking market, Mr Anderton has given the private sector overseas owned banks that he rails against the best reason yet to shed small account holders."

"And he is willing to spend $80 million of New Zealand taxpayers' money to do so."

"No wonder the major banks are laughing - this is the best banking industry development package they have seen in a long time."

"Their profits will flourish, and the People's Bank will be left with the least successful and profitable accounts to worry about."

"They cannot believe their luck: there would not be any other country in the world where such an ingenious banking industry restructuring programme has been embarked upon."

"From the banks' point of view the very best thing is that this will cost them and their overseas principals absolutely nothing - thanks to Mr Anderton the entire cost and risk will be borne by New Zealand taxpayers."

"The plan is mind-blowing in its simplicity, and stunning in its irresponsibility," Mr Dunne says.

Ends

© Scoop Media