POWERS OF RESERVE BANK
ADDITIONAL EXTENSIONS PROPOSED
LFrom Our Parliamentary Reporter!
WELLINGTON, October 7.
Additional extensions to the powers of the Reserve Bank are proposed in a second Finance Bill ’which was Introduced in the House of Representatives to-da ’. The section of the Reserve Bank Amendment Act passed early in the session, enabling the bank to grant accommodation to the Treasury to the extent of the full amount of revenue or estimated revenue, is widened to apply to any incorporated department of state, or to any local authority or pubhc body. Previously the bank could only grant to the Treasury up to half of the estimated revenue. The provision in this year’s amending act authorising the bank to underwrite Government loans, is extended so that the bank may underwrite loans raised by the State Advances Corporation.
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Bibliographic details
Press, Volume LXXII, Issue 21908, 8 October 1936, Page 12
Word Count
136POWERS OF RESERVE BANK Press, Volume LXXII, Issue 21908, 8 October 1936, Page 12
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