$5.4 Billion Withdrawn From S&Ls; in April, Board Reports
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WASHINGTON — The government said today that savings and loan customers withdrew $5.4 billion from their accounts in April, a high number but an improvement over the record outflows earlier in the year.
It was the 12th consecutive month of withdrawals and the sixth in a row when outflows exceeded $5 billion, according to a report by the Federal Home Loan Bank Board, which regulates the nation’s 2,934 S&Ls.;
In the first four months of the year, customers withdrew $33.7 billion more than they deposited, compared with a $16.2-billion gain in deposits during the same period a year earlier.
James Barth, chief economist of the bank board, attributed the continuing withdrawals to the failure of S&Ls; to keep pace with rising interest rates offered by competitors.
Private analysts say lack of public confidence in S&Ls; is also a major factor.
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