Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Westpac result shows room in market for kiwi bank

3 November 2000 Media Statement

Westpac result shows room in market for kiwi bank


Deputy Prime Minister Jim Anderton says claims that a kiwi bank couldn't make a profit are looking increasingly desperate after WestpacTrust announced its profit result today.

Westpac's profit announcement reveals the Australian-owned bank made an after tax profit on its New Zealand retail operations of A$250 million last year (NZD$327 million). Its 'non-interest' income is up 9%, which Westpac attributes in part to 'fee repricing.'

Competing banks argue in today's National Business Review that a kiwi bank would need to be subsidised. But Jim Anderton is rejecting those claims.

"With Westpac making a return on shareholders' funds of 16.2%, it is clear that the banking sector is very profitable. If they can be so successful, it stands to reason that a kiwi-owned bank using New Zealand's most successful public company – NZ Post – can also make money.

"One can only speculate about the motives of potential competitors who are trying to block a kiwi bank from competing against them," Jim Anderton said.


ENDS



© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Discussion Doc: National's Primary Sector Plans

Today National has released our third discussion document, this one on the primary sector. It showcases our positive and innovative approach to what is the backbone of our economy, Leader of the National Party Simon Bridges says. More>>

ALSO:

Govt Adopts Working Group Plan: Unions Welcome Film Industry Collective Bargaining

The announcement today by the Minister for Workplace Relations and Safety Iain Lees-Galloway, to support collective bargaining for those working in the film and screen industry, is welcomed. More>>

ALSO:

Greenpeace: New Oil Rig Arrives

A drill rig commissioned by oil giant OMV has arrived in New Zealand, a little over a year after the Government issued a ban on new oil and gas exploration permits... More>>

ALSO:

Proactive Non-Release: Housing Minister Says Unpublished Meeting 'Not A Secret'

Housing Minister Phil Twyford says an error from his office meant a meeting with another minister and the Auckland mayor was not included in his publicly released diaries. More>>

ALSO:

'Signalling Urgency': Auckland Council Declares Climate Emergency

“By unanimously voting to declare a climate emergency we are signalling the council’s intention to put climate change at the front and centre of our decision making,” says Mayor Phil Goff. More>>

ALSO:

Potential Disasters: Insurance Taskforce To Deal With Skyrocketing Premiums

Wellington Mayor Justin Lester said the group would look at how the insurance market was functioning amid massive premium increases, which have also led to claims the market is broken. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels