Kiwi Bank May Not Answer Banking Problems Says Finance Union
"The Kiwi bank is not being set up to make a profit
– it's being set up to deal with the problems of banking in
this country," said Don Farr, General secretary of Finsec,
the union for bank workers.
"We believe, however, that the scale of the problems that face this country – the banks' lack of responsibility for our communities, the higher fees, the lack of access for customers – requires Dr Cullen to order a full enquiry into banking.
"The Kiwi Bank may well be part of the answer.
"On it's own, however, starting another bank may simply add to the problems we already have. Remember this will be the fourteenth time a bank has been set up as the panacea for the community's banking problems. Each one has ended up in overseas hands, creating further problems.