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Thursday, 11 April 1957


Mr Whitlam m asked the Treasurer, upon notice -

1.   What were the precise terms of the conditions relating to housing in the authorities granted to the private savings banks?

2.   How much has been deposited with each hank in each State?

3.   How much has been advanced by each bank in each State (a) to co-operative building societies and (b) directly to persons wishing to buy or build houses?


Sir ARTHUR FADDEN (MCPHERSON, QUEENSLAND) - The answers to the honorable member's questions are as follows: -

1.   The terms of the authorities which have been granted to the private savings banks to carry on banking business were published in the " Commonwealth Gazette " as follows: -

 

The conditions attaching to each authority were the same. In relation to housing loans, the effect of the conditions is that the amount invested by a private savings bank in the sum of -

(i)   loans to building societies the repayment of which is guaranteed by the Common wealth or a State;

(ii)   loans for housing or other purposes on the security of land; and

(iii)   money on deposit with banks other than the Commonwealth Bank; may not exceed 30 per cent, of the amount on deposit with the private savings bank.

2.   Separate figures for deposits with each pri vate savings bank in each State have not been published. Deposits for all private savings bank's in each State, as at the end of February, 1957. were as follows: -

 

3.   The latest information regarding loans for housing by the private savings banks, which is on an Australia-wide basis, is that the Bank of New South Wales Savings Bank Limited has approved £5,250,000, the Australia and New Zealand Savings Bank Limited has approved £4,500,000, and the C.B.C. Savings Bank Limited plans to lend at the rate of £2,000,000 per annum. The breakup of these amounts is as under -

To building societies -

Bank of New South Wales Savings Bank Limited, £1,250,000.

Australia and New Zealand Savings Bank Limited, £2,500,000.

C.B.C. Savings Bank Limited, £1,000,000 (approximately).

To individuals -

Bank of New South Wales Savings Bank Limited, £4,000,000.

Australia and New Zealand Savings Bank Limited, £2,000,000.

C.B.C. Savings Bank Limited, £1,000,000 (approximately).







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