National's threat to sell Kiwibank

National’s threat to sell Kiwibank is economic vandalism, says the MP who started the bank.

Jim Anderton says people worried about Australian banks buying Kiwi bank will immediately be concerned.

“That can only hurt Kiwibank, and therefore hurt the Kiwi Mums and Dads who already own it. It is reckless for a finance minister to deliberately undermine the value of a public asset.

“Kiwibank is a huge success, mainly because it’s ours. Selling the bank would push it straight into overseas hands. The buyers would be the Australian banks.

“Hundreds of thousands of New Zealanders signed up to Kiwibank because it’s ours. Since Kiwibank opened, the other banks have stopped closing branches and increasing fees. They’re feeling the heat. And that’s good for Kiwis.

“National repeatedly promised not to sell Kiwibank,” Jim Anderton said.

“Just this week I received a letter from a retired superannuitant on the Hibiscus Coast who has approached every commercial bank, all Australian owned, for a loan to buy a modest retirement residence for himself. They all refused, and the only bank that would lend him the money, and has now given him peace of mind for his retiremet, was Kiwibank.

ENDS

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