KISS attracts $1335M

Press, 25 June 1983, Page 14

KISS attracts $1335M

PA Wellington The Kiwi Savings Stock attracted $1335.2 million from New Zealand savers. A week after the issue closed, the Reserve Bank is still processing applications received through its agencies, and the total might reach $l4OO mil- lion. However, of the $1335.2 million, $164.4 million has been repaid, and the bank is aware of another $74.9 million about to be redeemed. At the time the Prime Minister, Mr Muldoon, announced the close of the issue, the bank had received a total of $1175 million. Redemptions made or requested totalled $177 million. At their peak the funds were flowing in at the rate of about $4O million a day. Meanwhile, the amount

being withdrawn from infla- ; tion-adjusted savings bonds ■ continues to outnumber applications. Last week the" Reserve Bank received ■ $1,300,000 in applications : while $4,700,000 was withdrawn. The amount of money which had poured into Kiwi stock had gathered pace during the three months it was on issue. In March, investors deposited an average of $B.l million for each working . day. Net investment after : deduction of redemptions (only applicable after the first month) increased to $12.6 million a day in April, ■ and fell slightly to $lO.l , million in May. In June net investment in the 11 days up to the closing date poured in at $49.5 million a day. .