$135M withdrawn

Press, 23 July 1987, Page 25

$135M withdrawn

The Reserve Bank yesterday withdrew $135 million cash from the wholesale money market by redeeming Treasury bills with a nominal value of $145 million. The discounted bills were sold as: $39 million maturing November 9 at interest rates between 18.25 and 18.65 per cent; $36 million maturing November 26 at 18.25 to 18.64 per cent; $3O million maturing November 27 at 18.21 to 18.58 per cent; $4O million maturing March 4 at 18.04 to 18.19 per cent Countrywide The Countrywide Building Society plans to apply for a banking licence when amendments to the Building Societies Act become effective on September 1. Countrywide's chief executive, Mr Peter Martin, said the legislation would allow the society to seek approval from its customers to convert from a building society to a company. The conversion proposal will be voted on at Countrywide's annual meeting in October. Countrywide expects to be listed on the Stock Exchange by the end of the year. FCL rejected Fletcher Challenge, Ltd, says it has been formally told by the Government that its joint venture bid with McConnell DoweU, Ltd, for the Crown's 90 per cent shareholding in New Zealand Steel has been rejected. No reasons had been given for the rejection, the company said. Meanwhile, the "Dominion” reported that the Minister of Trade and Industry, Mr Caygill, said the door was still open.