Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Registration A Key Milestone For Kiwibank

For immediate release 29 November 2001

Registration A Key Milestone For Kiwibank

Chairman of the New Zealand Post Bank Project, Rt Hon Jim Bolger ONZ, welcomed advice from the Reserve Bank that Kiwibank had been granted bank registration.

“This important milestone means the bank can now begin testing its procedures and systems in the marketplace in the lead-up to opening next year,” said Mr Bolger.

Mr Bolger also announced that international credit agency Standard and Poor’s had confirmed its decision in September to give Kiwibank a credit rating of AA minus.

“The strong Standard and Poor’s rating puts us on a par with other major banks in New Zealand, giving customers confidence in the stability of the bank.”

From early December, the operational systems of Kiwibank will be fully tested. This will involve a small group of bank staff making banking transactions which will be closely monitored. These will include accounts opening, using ATM and EFTPOS machines, transferring money between accounts and paying bills.

Kiwibank Chief Executive Sam Knowles said the testing was critical to receiving unconditional registration, enabling Kiwibank to begin opening branches in about 300 Post Shops and Books & More outlets across the country next year.

Mr Knowles said an announcement on the first postal outlets to provide Kiwibank services would be made early in the New Year.

ENDS




© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Electricity Market: Power Panel Favours Scrapping Low-Fixed Charges

An independent panel reviewing electricity prices favours scrapping the government’s low-user fixed charge regime, banning the use of prompt-payment discounts, and requiring greater disclosure of the profit split between the retail and generation arms of the major power companies. More>>

ALSO:

Bottomless Oil And Zero Climate Cost: Greenpeace Not Big On PEPANZ Gas Ban Report

The NZIER report commissioned by oil industry body, PEPANZ, claims the oil and gas ban issued by the Government last April could cost the the New Zealand economy $28 billion by 2050... But Greenpeace says the figures in the report are based on false assumptions and alternative facts. More>>

ALSO:

Two Queensland Fruit Flies And A Different One In Otara: Devonport Fruit And Veg Lockdown

Work continues at pace on the biosecurity response following the discovery last week of one male Queensland fruit fly in a surveillance trap in the Auckland suburb of Devonport. More>>

ALSO:

Digital Services Tax: Government To Plan Tax On Web Operator Income

New Zealand is to consult on the design of changes to tax rules which currently allow multinational companies in the digital services field to do business here without paying income tax. More>>

ALSO: