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Proposed Commonwealth overseas borrowings



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NO. 63

EMBARGO FOB IMMEDIATE RELEASE

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, M.P.

PROPOSED COMMONWEALTH OVERSEAS BORROWINGS

The Treasurer, Mr Howard, today announced further action under

the Government's on-going overseas borrowing program.

The Government, he said, is currently negotiating a substantial loan

with Credit Suisse, a major Swiss commercial bank; subject to final

negotiations and necessary approvals the proceeds of the loan are

expected to be received about the end of this month.

In addition Mr Howard said he had authorized the placing of the

Commonwealth's name in the queue of prospective borrowers for a

public bond issue on the Japanese capital market; the borrowing,

if it were proceeded with, would be for a sizeable amount.

These borrowings would be consistent with the long-held view of

successive Commonwealth Governments that Australia should have a

moderate level of capital inflow overall, on both private and

public account, to supplement domestic resources available for

developmental purposes; Mr Howard said. * ■

Lead manager for the proposed bond issue in Tokyo would be the

Nomura Securities Co, Ltd, with the Bank of Tokyo as lead

commissioned bank

2

Mr Howard said that a decision whether or not to proceed with the

issue in Tokyo would be taken closer to the proposed offering date,

which he expected would be within three months or so, in the light :

of market developments and the Commonwealth's overseas borrowing requirements

at that time.

CANBERRA ACT ’

19 July 1978 .