December 11 2003

Kiwibank on target, National loses the plot

Progressive Party leader Jim Anderton said today that it is great news that Kiwibank, the retail bank that is owned by all New Zealanders and offering competitive services, remains on target to become profitable in the 2004-2005 financial year.

"That is a positive achievement given that the bank has attracted far more customers, earlier, than originally envisaged. This means that it has had to invest more in its development, earlier than would have been the case had there not been so much popular demand for its services," Jim Anderton said.

It was reported today that Kiwibank has 198,000 customers and will have 200,000 by Christmas ? above its 165,000 target.

"In contrast to Kiwibank, which is on target, the National Party today again demonstrated that it has lost the plot and doesn't understand the role investment plays in securing future ongoing operating earnings.

"National says the foreign owned banks are closing down their networks. That was the case when this country had the misfortune to be led by a National government. These days the foreign banks are paying attention to maintaining their networks in order to compete with the New Zealand-owned Kiwibank," Jim Anderton said.

http://www.progressive.org.nz

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