Withdrawals higher
(N.Z. Press Assn—Copyright) SYDNEY. Most of the New South Wales permanent building societies were a target for nervous investors on October 1, and the rate of withdrawals rose. The first and last day of each month are traditionally busy periods for the societies, which calculate their interest payments on a monthly basis. The troubles of the real estate developer and financier, Cambridge Credit Corporation, Ltd, was behind the increase in withdrawals.
The president of the Permanent Building Societies Association of New South Wales (Mr I. M. Gibb), said that the rate of withdrawals had risen above normal levels. There was no cause for concern because the building societies had built up their liquidity to “very good levels," he said. The flow of funds to the societies had risen since interest rates were increased in June. The societies had not advanced loans for housing to the limit justified by the level of funds they had attracted.
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https://paperspast.natlib.govt.nz/newspapers/CHP19741003.2.128.9
Bibliographic details
Press, Volume CXIV, Issue 33655, 3 October 1974, Page 16
Word Count
157Withdrawals higher Press, Volume CXIV, Issue 33655, 3 October 1974, Page 16
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