19 June 2000 Media Statement

Kiwi Bank progress 'pleasing'

Alliance leader and Deputy Prime Minister Jim Anderton is pleased that the Government has agreed to continue to progress the Kiwi Bank initiative.

Cabinet considered the idea for the first time today and agreed to send the proposal to the next stage of development.

The business case will now be developed further by NZ Post and then presented to Jim Anderton and responsible ministers Michael Cullen and Mark Burton.

Details of the proposed governance, ownership structure and range of banking products to be offered by the bank will not be released at this stage, Jim Anderton said.

"There is still some way to go and work to be done before we can start celebrating but continuing progress is being made," Jim Anderton said.

A recent independent opinion poll revealed New Zealanders support the Kiwi Bank by a two-to-one margin. Most of those surveyed gave a preference for New Zealand ownership ads their main reason for supporting the bank idea.

ENDS

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