Reserve Bank of Australia Annual Report – 1989 Financial Statements Note 11 Rural Credits Department

Following a determination by the Board under section 65A(3) of the Reserve Bank Act, the Treasurer directed on 22 July 1988 that remaining capital and reserves of Rural Credits Department be apportioned between the Reserve Bank Reserve Fund and the Commonwealth of Australia. The transfers were made on 22 July 1988. (See Note 3.) Prior to these transfers, balances of the Rural Credits Development Fund (totalling $5.284 million at 30 June 1988) were transferred to administration accounts within the Central Bank.

Part VI of the Reserve Bank Act (the basis for Rural Credits Department activities) was repealed on 30 November 1988.

As a result of the winding up of the Rural Credits Department, total capital of the Bank declined by the amount of $9.4 million previously shown as capital of the Department.