Slower rise in bank deposits
The growth of trading bank deposits was slower in October, compared with twelve months earlier. It was noticeable that there was comparatively little growth of interest-bearing deposits, the New Zealand Bankers Association reports. The recent rises in nonbank deposit interest rates were a probable cause of the changed emphasis in the composition of growth. The banks were experiencing a strong demand for funds, especially for seasonal exports, and growth of lending was greater than in October 1975. Because of the reserveassets ratios set by the Reserve Bank, lending conditions remained difficult in October. A small recovery in total liquid assets indicates that the end of the seasonal tax payments had been reached. The growth of savings deposits during October of S9M to S6I7M, was below the 1975 level of SI2M, but on a par with increases in 1974 and 1973. Total lending increased S4SM to $1992M. Total liquid assets were S7I3M.
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Press, 29 November 1976, Page 22
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156Slower rise in bank deposits Press, 29 November 1976, Page 22
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