That Really Annoying Kiwibank Ad

There's one thing that gets my goat, it's that Kiwibank ad with the lime green car travelling the world saying how great it is for there to be a NZ owned bank. All the time being voiced by comedian John Clarke, who lives in Australia, and shot in Sydney, London and other exotic locations.

But consider this. Last year, Kiwibank made a profit of $7 million dollars, and paid tax of about $2 million dollars. NZ was $9 million dollars better off. Then take away the $120 million loaned to Kiwibank to start it up, add the fact we pay $9 million a year to service that $120 million and we come out even.

Then consider this. In 2004/05, The four largest New Zealand Banks with majority foreign ownership (ANZ National, ASB Bank, Bank of New Zealand, Westpac) gave the NZ Government:

$1,045.2 million dollars. (As listed in General Disclosure Statements)

That is, over One Billion Dollars. And they didn't ask for any capital injections to get a new service off the ground.