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Shipley Tries Commercial Sabotage

Deputy Prime Minister Jim Anderton is accusing National leader Jenny Shipley of trying to commercially sabotage the taxpayer's investment in the kiwi bank.

"Mrs Shipley has obtained the business case for the bank. The only way it could have been obtained by her is that someone has unlawfully passed it on in breach of an obligation of commercial confidence.

"Her comment that she would advise savers not to put their money into a bank that has no government guarantee is outrageous for a senior politician. No bank in New Zealand has a government guarantee. She is effectively telling all New Zealanders not to put their money in banks, particularly in their own. A politician who advises New Zealanders not to put money in banks can't have any credibility."

Jim Anderton says the business case for the proposed kiwi bank shows it will offer fees far below the current market levels.

"Mrs Shipley should be asked, 'does the business case propose an overall fee strategy considerably under the prices charged by its competitors?'

"She is being highly selective in releasing parts of it.

"Today she has leaked a small part of the bank's discussion of its pricing strategy. She has not released the pages showing that the overall fees for using the bank will be far, far lower than fees for existing banks. Mrs Shipley knows that the full picture cannot be released by the Government because it would disclose the bank's full pricing strategy to its competitors months before it was operational.

"Her actions are thoroughly irresponsible," Jim Anderton said.

Ends

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