Friday, June 01, 2007

KiwiBank - the real one

Hattip: Stuff

TSB Bank has yet again shown what an incredible waste of taxpayers money the white elephant of KiwiBank truely is.
It "has posted a $34.8 million after-tax profit for the year to March, 11.3 per cent ahead of last year and its 20th successive record profit."
While still retaining "the lowest two-year fixed interest rate on the market for the past seven months."
In terms of risk and return:
TSB's capital adequacy ratio of 16.08 per cent was the highest of any bank in the country and more than double the international standard of 8 per cent.
Return on average assets of 1.28 per cent compared with the benchmark of 1 per cent.

And that is right, while returning a return to the community - not continuing to bleed the poor NZ public for more and more capital injections. Go to Taranaki at some point and see the levels of public infrastructure funded by the TSB and you'll get the idea. The TSB does more for Taranaki than the local body council (although that's hardly surprising - they are too busy building themselves new offices and water features).

But of course without KiwiBank we wouldn't have a(nother) monument to the stupidity of Jim Anderton and the failure of left wing dogma.

1 comment:

iiq374 said...

In response to Pedro over at Kiwiblog (http://www.kiwiblog.co.nz/2007/05/key_on_campbell_live.html):

iiq374, you're full of shit mate. You can't just make all those claims about kiwibank and not back them up. TSB is a fantastic bank, but it doesn't have the national presence to provide an alternative to the australian banks; now thanks to Kiwibank there is an alternative.

That would be the national presence through the postshops, that TSBBank already had? Or the prescense through ATM's and EFTPOS that TSB already had for free as opposed to Kiwibank's charging you for? Or via the internet which TSBBank already had?

Although admittedly on the last point their internet banking was a bit below what was offered by ASB and what is now offered by Kiwibank - but guess what, an f*ing website shouldn't cost over $500 million to build!