Anderton Should Provide Answers, Not Try to Silence Kiwibank Critics

Jim Anderton should front up with answers on Kiwibank instead of attacking those seeking accountability for the waste of taxpayers' money on a bank that's not needed, ACT Finance spokesman Rodney Hide says.

"Kiwibank may have lots of customers but it has little money. The average deposit is only $2,800. The base case projections that went to Cabinet for approval to blow $80 million of taxpayers' money, were based on average deposit of $6,000. Kiwibank has achieved less than half that.

"Mr Anderton should explain why Kiwibank has such a low level of deposits - and the impact that will have on the bank's projected profitability. He should also state how many over-the-counter banking transactions are being undertaken in New Zealand Post franchises. Neither Kiwibank nor New Zealand Post are prepared to front up to franchisees and explain the adverse impact Kiwibank is having on these businesses.

"The franchisees are making only a few dollars a day while losing up to a third of their retail space and having to struggle with learning the business of banking.

"Mr Anderton won't even accept any Ministerial responsibility for `his' Kiwibank. That way he dodges questions in Parliament. The Minister responsible for Kiwibank is Mark Burton who is notorious for not answering questions in Parliament.

"It might not suit Jim Anderton that these questions keep getting asked. But I will keep asking them. I will be holding Mr Anderton to account for the taxpayers' money he's spent," Mr Hide said.

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