D.F.C. to drop interest rates
PA Wellington The Development Finance Corporation said yesterday that it would drop its mortgage interest rates in line with Government policy. The rates would be lowered as they came up for review, the chairman of the Government-owned corporation, Sir John Mowbray, said.
Government regulations limit interest rates to 11 per cent for first mortgages and 14 per cent for second mortgages.
The Acting Prime Minister, Mr McLay, said on Thursday that the corporation would have to comply with the regulations. Sir John’s statement followed talks on Thursday about the corporation’s interest rates with the Associate Minister of Finance, Mr Falloon. The Minister of Tourism, Mr Talbot, said the corporation’s move would add to investment confidence in the tourist industry.
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Press, 19 May 1984, Page 1
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124D.F.C. to drop interest rates Press, 19 May 1984, Page 1
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