P.M. BRIEFING : S&L; Withdrawal Rate Halved
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WASHINGTON — Withdrawals exceeded deposits by $2.4 billion at the nation’s saving and loan institutions in May but that figure was less than half of April’s $5.3-billion deficit, the government reported today.
The Federal Home Loan Bank Board said it was the fourth consecutive monthly decline in outflow since the deficit hit a record $10.8 billion in January.
Including interest credited to deposit accounts, thrift institutions enjoyed a monthly increase in their account balances of $587 million, the first boost since December, the bank board said.
James Barth, the board’s chief economist, credited seasonal factors as the primary reason for the $2.9-billion outflow improvement in May.
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