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Bank name launch big flop

Bill English Leader of the Opposition

2 November 2001

Bank name launch big flop

The Kiwibank is a bank that people don't want, with a name that is not new, from a party that won't last, Opposition Leader Bill English said today.

Surveys are showing support for the bank has plummeted. Most New Zealanders know this is simply a political deal between Helen Clark and Jim Anderton to keep the coalition Government together. At $80 million, it is an expensive gift of hard-earned taxpayers' money.

"We are pleased to see the green and red colours in the logo because every time customers see it, they will be reminded that the Alliance and Labour parties are incorporated into it, and started it against public opinion.

"This bank is a laughing stock. Even more so today because when National leaked the name as Kiwibank in August, New Zealand Post quickly denied it would be called Kiwibank. "Jim Anderton says the bank only needs 5 percent of clients to switch from other banks. If it was that easy banks in the market would have already done it. The People's Bank will need more than a couple of politicians to make it fly.

"Unfortunately New Zealanders won't be able to see how the People's Bank is performing before they have the opportunity to vote again because it won't have to produce an annual report before the next election," Mr English said.

Ends

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