London Credit
(New Zealand Press Association) WELLINGTON, December 9. A credit of £lO million has been arranged by the Government for six months with the Midland Bank, London. The Minister of Finance (Mr Lake) said today that this credit would “reflect in New Zealand’s net overseas assets.” “In addition to reducing the seasonal downturn in our overseas assets, this credit will bridge the gap between repayment of the £6.7 million London loan due on December 15 and receipt of the final instalment of the £l2 million loan recently raised in London,” he said.
Part of the arrangement provided that there would be deposited through the Reserve Bank an equivalent amount of £lO million for the period of the credit. “The net cost of this stand-by to New Zealand is at the rate of 3/8 per cent per annum.”
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19661210.2.11
Bibliographic details
Press, Volume CVI, Issue 31239, 10 December 1966, Page 1
Word Count
138London Credit Press, Volume CVI, Issue 31239, 10 December 1966, Page 1
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.