Building societies’ problems
PA Wellington Building societies facing difficulties because of this year’s Budget would “require sympathetic treatment” from the Government, the Prime Minister, Mr Muldoon, has said.
He said representations had been received on the matter. These were still under consideration, but decisions would be made and implemented before Parliament rose next month. Mr Muldoon said in an address to the Building Societies’ Association that the Budget changes concerning the societies were important. . - • “While your taxation has been increased, you are also to be given greater opportunity and flexibility as financial institutions. This is a major change, which will clearly take some time to settle down,” said Mr Muldoon.
“In the process, the old terminating groups will have to be wound up, and I concede there are some short-term difficulties which will require sympathetic treatment from the Government,” he said.
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Press, 26 November 1982, Page 7
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141Building societies’ problems Press, 26 November 1982, Page 7
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