New interest rates
New rates set for interest • on local bodv loans would 1 have very little effect in en-' • couraging public investment, ■ the Countv Manager (Mr A. t Kelly) said at a meeting of • the finance committee of the ■ Paparua County Council • on Monday. “The new rates will result only in increased interest payi ments to institutions which are obliged to invest a proportion of their funds in ' local body loans.” he said. • Local body loan interest
was raised recently from 4.75
per cent to 6.75 per cent (for .10 years or more). The rates will apply to the council’s $250,000 water-supply loan now on the market and will add $7500 to the annual charges on the full loan of /$ 1,535.000.
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Bibliographic details
Press, Volume CXV, Issue 33932, 27 August 1975, Page 7
Word Count
122New interest rates Press, Volume CXV, Issue 33932, 27 August 1975, Page 7
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