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Institutional loan in Japan



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NO.

TREASURER

EMBARGO

IMMEDIATE RELEASE

PRESS RELEASE

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP INSTITUTIONAL LOAN IN JAPAN

Negotiations for the Commonwealth's latest institutional borrowing in

Japan were finalised today with the signing of loan documentation in

Tokyo by the Australian Ambassador, His Excellency Mr J.L. Menadue.

These arrangements were foreshadowed in a press statement of 16 October.

The borrowing is being arranged by The Industrial Bank of Japan, Ltd (as

Agent), The Mitsubishi Trust and Banking Corporation and Nippon Life

Insurance Company, and is for an amount of Y40 billion ($A160 million

approximately), for a period of 20 years.

The interest rate is 8.3 per cent per annum, and after taking

commissions into account the effective cost to the Commonwealth will be

8.34 per cent per annum.

Proceeds of the borrowing will be received on 30 October.

CANBERRA ACT 26 Oct 1979