Kiwi Bank Struggles for Kiwi Funds

Published: Mon 16 Sep 2002 09:42 AM
Kiwi Bank Struggles for Kiwi Funds
ACT Finance Spokesman Rodney Hide said today that contrary to Jim Anderton's projections, his much-vaunted Kiwi Bank is struggling to attract deposits.
"The Taranaki Savings Bank (TSB) has deposits of $1.5 billion. Kiwibank has admitted it has only $160 million - only one-tenth of that of the TSB. Kiwibank claims 60,000 customers but as predicted, their deposits are very small, rendering the bank unprofitable.
"Jim Anderton's concern was the profits of the successful private banks. It is hard to see how having the taxpayers prop up a loss-making state bank is of any help to anyone," Mr Hide said.

Next in New Zealand politics

Oranga Tamariki Cuts Commit Tamariki To State Abuse
By: Te Pati Maori
Inflation Data Shows Need For A Plan On Climate And Population
By: New Zealand Council of Trade Unions
Annual Inflation At 4.0 Percent
By: Statistics New Zealand
West Coast Swim Spot Testing Clear Of E-coli
By: Brendon McMahon - Local Democracy Reporter
Government Throws Coal On The Climate Crisis Fire
By: Green Party
Public Transport Costs To Double As National Looks At Unaffordable Roading Project Instead
By: New Zealand Labour Party
View as: DESKTOP | MOBILE © Scoop Media