Annual Reports - 1947
Confirmation of the reduction in the rate of interest paid on Deposits from 3% to 2¾% is the first item
in the Report of the Committee of Management (after the standard statistical listing) in the Published Report. The 'Bank Rate' at
this time was 2%. A reduction in the rate of interest charged on mortgages is given extensive coverage, with particular reference
to the method employed - an ex-gratia allowance paid to the mortgagor's deposit account. The Committee reports the extension of the
Safe Deposit facility by the installation of an additional 5,888 safes.
(1) Published Report