Parliament

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

 

Plan to Sell Kiwibank Doesn't Add Up

21 February 2005

Hon Jim Anderton MP, Progressive Leader

National's plans to sell successful Kiwi owned bank don't add up as first profit announced

As the champion of a New Zealand owned bank, in a period when foreign owned banks were closing down their branches and regularly increasing their fees, Progressive Leader Jim Anderton is celebrating Kiwibank's report of its first 6-month profit announced today.

"Many New Zealanders will join me in celebrating Kiwibank's first six monthly profit of $2.5 million. In a market packed with big foreign owned banks, Kiwibank has managed to provide low cost banking and reach targets well ahead of time.

"National needs to consider what they are going to lose by selling our only New Zealand owned nationwide bank. They will certainly lose the votes of 299,760 proud customers, (expanding at the rate of 200 per day) and the clients of 306 branches around the country.

"Small business people are now looking forward to banking with a low cost kiwi-owned bank as Kiwibank is about to move into business banking. National is going to ruin businesses' chances of cheap banking services and access to the biggest branch network in the country if they continue to flounder around on the issue of whether they'll sell or not. That's not a good enough answer for business people, nor for those proud customers who enjoy the services of a New Zealand owned bank.

"Kiwibank has introduced a competitive market for banking in New Zealand and all banking customers have benefited from that. While the big banks suggest that they've dropped bank fees and mortgage rates and stopped closing branches on their own initiative, it's interesting that they didn't bother to do it before Kiwibank came on the scene with low cost banking and cheap mortgages.

"Kiwibank has exceeded all the targets in its business plan and provided additional services such as the 'In Reach' mortgages for low income families and text banking, and is about to provide business banking and its own ATM network. It certainly has been a worthwhile endeavour, that National would be crazy to ruin," Jim Anderton said.

Kiwibank today announced it's first six month profit of $2.5 million, home loans of $1.2 billion, deposits of $1.18 billion, 306 branches and 299,760 customers.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them.

Finally, yesterday’s announcement by the Ardern government that a new state agency will be set up to assess and plan the manned re-entry to the mine (on a set timetable) goes a long way to meeting the families’ remaining request: that they be enabled, if at all possible, to bury their loved ones. More>>

 

Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>

ALSO:

Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>

ALSO:

Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>

ALSO:

Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>

ALSO:

Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election