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Kiwis must move banks to support NZ

Thursday 27 December 2012

Kiwis must move banks to support NZ

“New Zealanders should make their New Year’s resolution this year to move all their bank accounts over to Kiwibank, or one of the other wholly owned New Zealand banks” said Democrats for Social Credit Leader Stephnie de Ruyter.

“New Year is the ideal time for Kiwis to display a bit of patriotism, and get themselves out of the clutches of the overseas owned banks.

“The big four Aussie owned banks dragged NZ $ 3.5 billion in profit out of the back pockets of Kiwis in the past year and transferred it to their Australian owners – creating a significant boost to the Australian economy.

“Those profits were the best they had made for a number of years, and were made at a time the New Zealand economy was continuing its slide into depression.

“Had even half that profit gone instead to Kiwibank, through New Zealanders having moved their accounts last year, dividends to the Government would have meant borrowing could have been significantly reduced, and the interest on that borrowing would not be a future drain on Kiwi incomes.

“If the Government had any backbone it would instruct Kiwibank to marginally lower their lending rates and slightly increase their deposit rates as an incentive for people to make the switch.

“This in turn would provide some real competition for the Aussie banks and benefit all New Zealanders through better borrowing and deposit rates.

“More money in people’s pockets would further boost the New Zealand economy.

“It’s time Kiwis stopped propping up the Aussie economy and supported their own instead by switching their accounts this New Year.”


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