Where is “Jimmy’s” Bank? – ACT

ACT Finance spokesman Rodney Hide today said that it was a bit rich for Deputy Prime Minister Jim Anderton to complain about banks when he himself had totally failed on his own goals with respect to his self-named “Jimmy’s” Bank.

“Jim Anderton lambastes banks for their charges and then says the answer is competition from his “Kiwi Bank” that he has dubbed “Jimmy’s” Bank.

“But where is “Jimmy’s” Bank? The Deputy Prime Minister said it was one of his objectives to achieve in the first 100 days of office. That deadline has been and gone. So far, all we have had is a lot of hot air.

“It’s time Jim Anderton put up or shut up. He should explain when his bank is actually to start operation, who is to own it, what fees it is going to charge, what risks there are to the taxpayer, what subsidies are to apply, and precisely how a state-run bank is to increase competition and lower bank charges.

“Jim Anderton’s idea for his own bank is a stupid one. Michael Cullen and Helen Clark have so far failed to endorse Jim Anderton’s proposal. This is a flash point for the Coalition. I doubt Jim Anderton can get his plan off the ground.

“The Deputy Prime Minister would be better employed reflecting on the impact his government’s policies are having on the costs to businesses that all consumers must ultimately pay. That would be something useful for Jim Anderton to do,” said Rodney Hide.

ENDS

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