INTEREST RATE UP
The interest rate of advances for sewer connexions was increased from 5) per cent to 6 per cent by the Christchurch Drainage Board last evening. The new rate will apply from April 1.
The decision was made after the secretary (Mr T. A. Tucker) had reported that the Bank of New Zealand’s interest to be charged on the board’s overdraft would be increased from 5 per cent to 5j per cent A corresponding increase from 4( per cent to 5 per cent would be allowed on credit funds set off against overdraft.
This raised the question of the board’s charge, Mr Tucker said. The rate of 5i per cent seemed low in relation to existing rates for first mortgages.
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Bibliographic details
Press, Volume CVI, Issue 31307, 1 March 1967, Page 1
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122INTEREST RATE UP Press, Volume CVI, Issue 31307, 1 March 1967, Page 1
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