LOCAL BODY LOANS
Interest Rate Details
(N.Z. Press Associatttm) WELLINGTON, May 8. The Minister of Finance (Mr Lake) said today that the Local Authorities Loans Board had considered the detailed application of his recent decision to raise to 5 per cent the maximum rate of interest payable on local authority borrowing. The board has decided to adopt the following pattern of interest rates:—
For periods under 5 years, 4% per cent. For periods of 5 and under 10 years, 4J per cent. For periods of 10 years and
over, 5 per cent. Mr Lake said public issues could be made on the basis of a table of redemptions at those rates or on repayment on fixed dates, four, six, or 10 years from the opening date of the issue. In the case of a loan for new works, the proportion that could be offered for four or six years would be limited to 30 per cent. No other changes .vere made in existing conditions for loan raising. Mr Lake said these new terms would apply from today.
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Bibliographic details
Press, Volume C, Issue 29508, 9 May 1961, Page 14
Word Count
177LOCAL BODY LOANS Press, Volume C, Issue 29508, 9 May 1961, Page 14
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