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Tuesday, 7 May 1957


Mr Whitlam m asked the Treasurer, upon notice -

1.   Do the authorities granted to the private savings banks permit them to invest not more than 30 per cent, of the amounts on deposit with them in (a) loans to building societies the repayment of which is guaranteed by the Commonwealth or a State (b) loans for housing or other purposes on the security of land in Australia, and (c) moneys on deposit in Australia with banks other than the Commonwealth Bank?

2.   What are the amounts on deposit with each private savings bank?

3.   What amounts has each private savings bank invested in the categories referred to?

4.   With what bank or banks other than the Commonwealth Bank has each private savings bank invested amounts on deposit with it?


Sir Arthur Fadden - The answers to the honorable member's questions are as follows: -

1.   Yes. 2, 3 and 4. Published statistics of private savings, bank operations show only the amount of depositors' balances. At the end of March, 1957, the total amount on deposit with the three privatesavings banks was £100,065,000.







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