Annual Reports - 1946
Commenting on the post-war housing situation of a lack of houses, the Committee nevertheless outlines the benefits of home ownership and invites applications for house purchase loans. The rate charged on such loans is reduced from 4% to 4%. Details are given of the imminent expansion of the Safe Deposit Department from 4,640 (all rented) to 10,528. A breakdown of the amount saved by the Bank's customers during the War (44.4-million) is provided, and the Council Report notes that excess deposits are still being invested with the National Debt Commissioners. The same report provides an analysis of branch numbers by total balances. The Published Report details two important amendments made to the conditions relating to deposits: the limit on aggregate deposits is raised to 2,000; and the rate of interest is to be reduced on July 1st 1946 to 2% - this rate (the lowest paid on the No 1 Department over its history) was to continue for almost 19 years. Reference is made to the benefit  of saving through the co-operation of employers, either  at branches situated at Works and Factories, or through Direct Transfer Schemes. Towards the end of the 1945/46 financial year, two events were held at the Bank's Head Office: the celebration of deposit funds exceeding 70-million; and the retirement of the first General Manager, J P Hilton.
(1) Published Report
Annual Reports
Published  Report (cont.)