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Council declines community banking initiative

Media Release

25 February 2009
Council declines community banking initiative

A community banking proposal has the thumbs down from Manukau City Council’s Accountability and Performance Committee.

Manukau City Council had been approached to be part of a consortium of local authorities, lead by Porirua City Council, to participate in researching a community banking initiative in collaboration with Kiwibank as a possible partner.

At its meeting last night, the committee decided that it would decline to participate further in the initiative.

Committee chairman Jami Lee Ross says Manukau is already well-served with banking facilities.

“Kiwibank has a strong presence in Manukau, and there are many other banks providing facilities and services to our communities As a result, we don’t see that this type of initiative would provide Manukau residents with any added value or service they can’t already access.

“We are not convinced that community banks would be viable in Manukau and with establishment and operational costs to consider, we believe they would struggle to be profitable.

“The proposed model for delivery would have been through a trust that would be a Council Controlled Organisation, reliant on council funding to set up. We hold the view that providing banking services is not a role that should be undertaken by Manukau City Council.”

ENDS

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