AUST. BANK DEPOSITS

Press, Volume CII, Issue 30316, 17 December 1963, Page 23

AUST. BANK DEPOSITS

Rise To New Peak (N.Z. Presi Assn.—Copyright) SYDNEY. December 16. Deposits of the major Australian trading banks rose by £ 52.6 m in November to a new peak of £2060.5m. The increase is the largest in any one month since March, 1953, and is more than double the 10-year average increase in November. It reflects the particularly strong rise in gold and foreign exchange holdings in recent weeks and the seasonal temporary borrowings by the Commonwealth Government in this period. Advances rose by £4.6m hi November to £ 1104.4 m. This contrasts with an average fall of £BOO.OOO between October and November over the last 10 years. New Lending New and increased lending commitments (including term loans) fell to £ 10.4 m a week in the five weeks ended November 13. This movement—a drop of £l.6m a week compared with October—follows the Reserve Bank's request to the banks to contain the level of their new lending. Overdraft limits rose by £ 12.3 m in the five weeks to November 13 and now stand at £ 1873.4 m. Utilisation of limits dropped further in the period and, at about 53.6 per cent, is now at the lowest level so far recorded.