Unsecured Loans By Reserve Bank
The Reserve Bank of New Zealand is authorised, by a Gazette notice this week, to make unsecured short-term loans to trading banks. Jhe authority is granted under section 14 of the Reserve Bank Act. Section 14 lists certain transactions—-including the making of unsecured loans or advances—which are not lawful, "except with the authority of the Governor-General in Council.” The Gazette notice records the requisite Order-in-Council. Unsecured loans may now be made by the Reserve Bank “for a period not exceeding three months at any one time m respect of any such loan or advance.”
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Bibliographic details
Press, Volume C, Issue 29608, 2 September 1961, Page 13
Word Count
99Unsecured Loans By Reserve Bank Press, Volume C, Issue 29608, 2 September 1961, Page 13
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