The people say Yes! To the People's Bank
30 October 2000 Media Statement
The people say Yes! To the
Independent confirmation of public
support for a People's Bank doesn't surprise the Deputy
But Jim Anderton says he is overwhelmed by
the strength of public support.
The Government is
currently considering the business case for a publicly-owned
New Zealand bank using the branch network of New Zealand
Post. At the moment, virtually the entire New Zealand
banking industry is overseas-owned.
by the prestigious Auckland University Business School
Marketing Department indicates that 54% of New Zealanders
support the concept of a People's Bank.
'seriously consider' leaving their bank to switch to the
"It shows how popular the idea is when the
public supports a kiwi bank even before the details have
been announced," Jim Anderton said.
"I expect the level of
support to grow even further when people realise that the
kiwi bank will offer lower fees, more branches and better
services than existing banks offer now.
"The existence of
the kiwi bank will bring pressure to bear for lower fees and
improved services at other banks too, since they will have
to compete with the kiwi bank.
"Last year overseas-owned
banks reaped a profit in New Zealand of $1600 million. There
is nothing wrong with making a profit, but profits at that
level back up the public's view that there is room for an
affordable new bank providing better levels of
© Scoop Media
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