Aust banking at standstill
(N.Z. Press Assn —Copyright) SYDNEY, Feb. 1. Officials of the Australian Bank Officer Association are considering extending their cheque ban to computer operators next week. Members of the Union’s Federal executive said this would “completely strangle” the Australian banking industry. On Friday hundreds of Sydney bank offices closed their doors because of a cash shortage caused by the ban on handling of cheques. The Research Director of the Australian Bankers’ As-; sociation (Mr R. B. Cameron) said that a stalemate had been reached in the negotiations. and the banks now stood firm on their offer of 12 ner cent. The short term money market remained in suspended animation because of the breakdown in Australia’s bank cheque system. Dealers in the unofficial market said their position regarding lenders and borrowers had remained virtually unchanged during the week. Dealers in the official market have had to contend with a small run on their liquidity, however.
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Press, Volume CXIV, Issue 33450, 4 February 1974, Page 21
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157Aust banking at standstill Press, Volume CXIV, Issue 33450, 4 February 1974, Page 21
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