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Subscriptions to the February loan and Australian savings bonds series 7



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TREASURER

NO.

NOT FOR RELEASE BEFORE EMBARGO 6 ο OOPM 22 FEB 1 9 7 7

STATEMENT BY THE TREASURER, THE RT HON PHILLIP LYNCH, MP

SUBSCRIPTIONS TO THE FEBRUARY LOAN AND AUSTRALIAN SAVINGS BONDS SERIES 7

The Treasurer, Mr. Phillip Lynch, today announced details of

subscriptions to the cash loan which closed on 17 February, and

to Australian Savings Bonds Series 7«

Mr. Lynch said that cash subscriptions to the loan totalled

$ 1 7 1 million.

The somewhat lower amount received in this loan largely reflected a

lower level of subscriptions by the banking sector.

Mr. Lynch said that the loan had, however, been reasonably well

supported by the non-bank sector, subscriptions from which totalled

$ 1 3b million.

The 1978 stock attracted 47 per cent of subscriptions, the 1981

security 24 per cent, the 1987 security 17 per cent and the 1 9 9 6

security 12 per cent.

Of the $373.5 million securities which matured on 15 February,

$ 3 6 9 . 5 million had been converted, $2.0 million redeemed and

$2.0 million is still outstanding.

2

The conversion offer will close on 28 Februarye

Australian Savings Bonds

Subscriptions to Australian Savings Bonds - Series 7 - since its

introduction on 3 December and up to 21 February totalled $195

million,,

After taking into account redemptions of Special Bonds and

Savings Bonds the net amount raised by Savings Bonds over this

period was $ 1 0 5 million.

During the loan period subscriptions had been steady.

Mr Lynch said that the response to Series 7 was satisfactory with

the average weekly take-up of these securities now running at

around $10 million net per week, almost three times the weekly

rate for Series 6.

Series 7 will remain on sale until further notice.

CANBERRA ACT 22 FEB 1977