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Kiwi Bank Struggles for Kiwi Funds


Kiwi Bank Struggles for Kiwi Funds

ACT Finance Spokesman Rodney Hide said today that contrary to Jim Anderton's projections, his much-vaunted Kiwi Bank is struggling to attract deposits.

"The Taranaki Savings Bank (TSB) has deposits of $1.5 billion. Kiwibank has admitted it has only $160 million - only one-tenth of that of the TSB. Kiwibank claims 60,000 customers but as predicted, their deposits are very small, rendering the bank unprofitable.

"Jim Anderton's concern was the profits of the successful private banks. It is hard to see how having the taxpayers prop up a loss-making state bank is of any help to anyone," Mr Hide said.

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