Money returns swiftly

Press, 19 April 1985, Page 4

Money returns swiftly

PA Wellington The Countrywide Building Society yesterday recovered swiftly from yesterday’s run on its funds. While still trying to track down the source of the rumour that prompted the withdrawals, it said the damage was not serious.

The society has begun reinstating the mortgage qualifications of customers who withdrew their savings. It even received apologetic telephone calls from people who had withdrawn their money, and now wished to return it after reassurance from the Reserve Bank and Countrywide’s banker, the

National Bank, that the society was in a sound financial position. The managing director, Mr Peter Martin, last evening declined to say how much the run had cost, but said it was within Countrywide’s normal cash reserves, and had not dented its liquid reserves of funds. Countrywide investors who withdrew funds had until April 30 to apply for mortgage qualification reinstatement, Mr Martin said today.

Further reports, page 16