A.N.Z. Bank cuts rate on big deposits
PA Wellington The A.N.Z. Bank has reduced interest rates on large deposits. Mr B. B. Dickinson, New Zealand general manager, said that this was an initial move in response to Government measures.
“At this stage, the interest rate reductions apply only to large wholesale deposits, but the bank is doing its sums on the likely impact of changes in other rates,” he said. “The reduction in reserve asset ratios plus the small increase in funds for personal lending are steps in the right direction. Also the assurance of the Prime Minister (Mr Muldoon) of adequate liquidity for the banking system was welcome.” Mr Dickinson agreed with Mr Muldoon that the buildup of funds in the financial sector was creating the right climate for a widespread fall in interest rates. "A reduction in some interest rates is in the national interest, and the A.N.Z. Bank would like to foster that," Mr Dickinson said.
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Press, 17 February 1978, Page 16
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159A.N.Z. Bank cuts rate on big deposits Press, 17 February 1978, Page 16
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