Annual Reports - 1958
The financial year 1957/58 saw the introduction of the Bank's new Savings Department (the No 2 Department) that had the benefit of the Government's recently introduced tax concession - the first 15 of interest, per person, not being liable to Income Tax. The rate of interest paid on this new account (2%) was fixed by the Government, and the Bank was required to invest deposited funds with the National Debt Commissioners (NDC). The Annual Report shows that 6,615,511 was deposited at March 31st 1958, and 6,498,764 invested with the NDC - a small amount being retained for operational purposes. A separate Income and Expenditure Account was produced for the No 2 Department, and this shows a loss of  11,189. Despite the attraction of the tax concession, with the background of Bank Rate reaching 7% and many more attractive avenues for investment, the Bank's total deposits fell over the year by 2,242,988. The Committee notes that a proportion of withdrawals has been made to assist in the purchase of houses. Shortly after the end of the financial year a new branch was opened at Great Barr.
(1) Published Report
Annual Reports
Published  Report (cont.)