Hon Jim Anderton

Progressive Party leader

MP for Wigram

26 January 2009 Media Statement

Set up Kiwibank branches in local council offices

Setting up community Kiwibank branches in local council offices is a great idea, and has been successful at Australia’s Bendigo bank, says Progressive Party leader Jim Anderton.

Jim Anderton says Local Government Minister leader Rodney Hide should be supporting Kiwibank as a bulwark against this time of global financial crisis.

“There has seldom been a stronger case for a local bank providing financial services local communities need,” he says.

“People want strong councils providing all the services communities expect. No one is suggesting that local councils are going into banking themselves. The proposal is to provide local outlets of a proven, locally-owned idea.

“It will make profits, as Kiwibank has done consistently, and it will reinvest those profits in local communities, which reduces rates and helps pay for yet more services. That’s better than shipping New Zealanders’ money off to overseas owned financial institutions.

“The National Government needs to ask itself how well the global financial industry is doing right now, and how much it is likely to invest in New Zealand, and compare that answer with the success of a bank that has nearly 700,000 customers, didn’t cause a global credit crisis, and continues to invest its earnings back here.”

ENDS

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