15 February 2002 Media Statement

Cullen and wife transfer to Kiwibank

Finance Minister Michael Cullen and his wife, Anne Collins, today transferred to the Kiwibank.

Dr Cullen said the decision reflected their confidence in the new bank and in the competitive package it was offering.

“When the government agreed to provide the $83 million stake to New Zealand Post Ltd to launch this venture, we did so because we were confident that the business case was robust and that it would be a success.

“Nothing has happened since to disturb that view.

“Despite a sustained campaign of destabilisation from National and Act, Kiwibank has been well-received by the public and has forced the established banks to compete with its products,” Dr Cullen said.

He said the bank would have to succeed or fail on its own merits as there would be no on-going government financial support and no government guarantee.

The new Labour Party candidate for Napier, Russell Fairbrother, and his campaign manager, Pete Findlay, will also transfer to the Kiwibank.

ENDS

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