Term Loans By Trading Banks
(New Zealand Press Association)
WELLINGTON, July L Half the money in the trading bank term loan fund had now been committed, the cnairman of the New Zeeland Bankers’ Association (Mr C. H Bennie) said today. “This scheme was introduced in March of this year to assist the development of industry and the response has been encouraging. One hank is now fully committed and another has almost exhausted its share of the £29 million «t present available. “Term Loans are made for fixed periods of up to five years or so to cover capital expenditure in farming, manufacturing and service industries. So far, all cate-
gories are well represented and most loans granted have been for relatively small ainenntg, ‘Tbere is inevitably a delay between the arrangement of finance for capital purposes and fts actual use, so much more has been conunit- . ted than has been uplifted to date.
“Although the term loan scheme is fulfilling a real need, the trading banks are disappointed at the very Limited demand for export finance from the other special fund established at the same time. We can see little likelihood of placing the £1.5 million earmarked for this purpose in the near future,” added Mr Rennie.
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Bibliographic details
Press, Volume CII, Issue 30173, 3 July 1963, Page 22
Word Count
207Term Loans By Trading Banks Press, Volume CII, Issue 30173, 3 July 1963, Page 22
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