2 September 2004

Hon Jim Anderton MP, Progressive Leader

Progressive leader welcomes Kiwibank move into
business banking - where are the critics now?

Progressive leader Jim Anderton is welcoming Kiwibank's decision to launch a business banking pilot scheme to add to its competitive nationwide retail banking network and asks where are the critics now?

"Kiwibank's services are much more popular than anticipated and have proven their value to all New Zealanders. I am sure that their next move to provide services for small business will also be a success and I welcome it.

"All banks have had to respond with better and cheaper retail services since Kiwibank entered the market. This benefits Kiwis no matter which retail bank they use. They all now have to compete for new as well as existing customers.

"Kiwibank critic Rodney Hide, who said in 2002 'The promised banking service that $80 million of taxpayers' money was to buy just isn't materialising', has suddenly gone quiet. Where are the critics now? They should be eating their words in the face of Kiwibank's undeniable success.

"Don Brash, another critic, needs to explain clearly to all New Zealanders why he would sell our only New Zealand-owned, nationwide bank to a big foreign-owned bank if there is ever a National-led government.

"The Opposition leader has to explain why he would throw away another piece of New Zealand sovereignty before lunchtime and leave the banking system in New Zealand almost completely out of New Zealand hands.

"Don Brash needs to get up to speed with the concerns of ordinary New Zealanders. The strength of New Zealand's banking system bolsters our whole financial system. This is why Kiwibank's success is something to celebrate not something to sell off," Jim Anderton said.

ENDS

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