New building for bank

Press, 9 May 1980, Page 10

New building for bank

The Rural Bank’s new building in Timaru will be officially opened on Tuesday. Situated on the comer of Sophia : and Elizabeth streets, the. office will be officially- opened-, by the Under-Secretary ‘ to. the Minister of Agriculture and Fisheries, Mr R<L, G. Talbot, the M.P. for South Canterbury. The new building is re-, quired to provide a firm base for the-, bank’s increasing assistance to the farming community of South Canterbury, its general manager,' Mr TedBabe, said recently. He said it was the bank’s .policy to identify itself with the people it serves. The opening of the Timaru building would be an important step in this process. As well the building was necessary to adequately house staff for the bank’s increasing activities in the region. “Not only has the Rural Bank increased its investment in South Canterbury, but the whole of the Canterbury province, with its potential for multiple land use and intensification of pastoral, horticultural and cropping systems and growing industries, is on the move,” he said. Over all, the Rural Bank has about SI27M invested in the Canterbury region. About 1200 farmers in South Canterbury have loans from the bank, he said, and in the last financial year, the bank granted 430 loans to farmers in South Canterbury for a total of about SIIM. The greatest amountof this was for development and loans under the livestock incentive scheme, he said.

“This activity in South Canterbury is indicative of the increasing demands on the bank throughout New Zealand,” said Mr Babe. •"In the last financial year we have been called upon to lend more than S3OOM to primary industries, a far .cry from the S6OM lent in 1974, the year the bank took responsibility for the rural lending functions Of the former State Advances Corporation.” “In the past six years we have come a long way, but the demands for development capital will continue to expand and the Rural Bank cannot be expected to provide all requirements. ,

“Loans from the bank are intended to complement loans available from other institutions involved with the rural sector, which must be encouraged to continue and, if possible, expand their investments.

“Along with them, the Rural Bank will continue to play its part in helping the South Canterbury fanning region reach its full potential,” said Mr Babe.