C.S.B. faces struggle to hold grants

Press, 16 September 1982, Page 25

C.S.B. faces struggle to hold grants

The Canterbury Savings Bank faces a big struggle to maintain its level’of grants, says its president. Dr D. J. Janus. Addressing several hundred representatives of Canterbury community groups at the annual grants presentation ceremony on Monday evening. Dr Janus said that two recent events would have a big effect on the bank's future. The Financial Services Regulations, introduced in November, prevented the bank from increasing charges for its services at a time when “some of them were overdue for review." The other was the passing in June this year of the

Interest on Deposit Regulations, which precluded the bank from deciding the area of the market in which it could compete. Dr Janus said that it was ironic that those who were charging "exorbitant rates of interest" for the money they were lending before last November had that preferred position protected. “Those of us who have a strong social conscience and who have made deliberate efforts to hold our charges down, are now penalised as a result." The bank destributed most of the $221,500 allocated to its Canterbury division, out of the 1982 grants total of $300,000.