Annual Reports - 1973
 
The number of banking transactions (deposits and withdrawals) during the year exceeded six million for the first time - over 350 transactions per branch per business day. The Annual Report promises the staff some assistance with this workload by recording that the On-Line Real-Time (OLRT) computing system will commence the take on of branch accounting in the autumn. The computerisation process commences with the Administration Department (the new name for the Head Office Accounts Department), followed by Handsworth branch and will not be completed until March 1976 - the whole process being delayed by industrial action which caused disruption to power supplies in the winter of 1973/74. The economic situation that led to the industrial unrest was referred to by the Committee's report - by November 1973, Minimum Lending Rate had reached 13%. The rate payable by the Bank on its various deposit products was increased accordingly: from January 1st 1973, No 1 Department paid 4% and No 2 Department 4%. The No 3 Investment Department rate was increased to 8% on April 1st 1973; the Bank's ability to pay higher rates resulting from a policy of switching to higher yielding investments - losses incurred in switching being debited to the Investment Reserve Account. The rate charged by the Bank on its variable rate Mortgages was increased to 8%. The high level of banking transactions during the year included large increases in Money Transmission business, reflecting the general move away from cash transactions. Current Accounts now number 11,930 with 384,005 cheques cleared; credits to accounts by Payroll Savings (DTS) amount to 12-million; payments by Credit Transfer and Standing Order number almost 800,000.
 
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