TRUSTEE SAVINGS

Press, Volume CII, Issue 30043, 30 January 1963, Page 15

TRUSTEE SAVINGS

Big Rise In 8 1962

(NX Prew Astociation) mERCARGHLL. Jan. 29.

In the three months ended December 31, 1962, the eight trustee saviiuß banks operating in New Zealand showed remarkable increases in deposits when compared with the corresponding period last year, says a statement issued in Invercargill today by the Associated Trustee Savings Banka of New Zealand.

“There appears to be a greater interest in savings in recent months than in previous yean, no doubt due to the stimulus given by Government, higher incomes and the uncertainty of future markets pending E.E.C. decisions,” the statement says.

“The aggregate increase in deposits at the eight trustee savings banks for the three months ended December 31, 1962, was £4.113,000 compared with £1345,000 for the same period during the previous year. This must be considered very satisfactory. "Total deposits of the eight banks at December 31 last was £BB3m which is an increase of £lom on the previous year’s total at the same time.

“The spectacular increase in savings over the last 12 months has enabled the trustee banks to step up their long term lending in housing, and primary and secondary industries, besides contributing liberally to Government and local authority loans. "The two new banks, Canterbury and Hawke’s Bay. opened on August 1 and November 21, 1982. respectively, have now £LBm at credit of depositors. The progress made by these two new banks has again demonstrated that the specialised service given by trustee savings banks has the support and confidence of the people of New Zealand. “It is hoped by the members of the Trustee Savings Banks Association that consent will be granted for other new trustee banks to commence operations, and that the restricted scope of opera- , tions imposed on existing ' banks will be relaxed. Dur- , ing the period under review the Minister of Finance (Mr Lake) declined an application by the trading banks to operate savings bank departments.

“The Associated Trustee Savings Banks of New Zealand support the Minister in the decision made.”