Primary Industry Bank of Australia Limited
PIBA · Primary Industry Bank of Australia
1978 – 1994
Bank set up under Commonwealth legislation and owned jointly by the Commonwealth, the major trading banks and the state banks. It provided long-term finance for farmers and other primary producers by refinancing long-term loans that its shareholder banks made to them.
How it came into existence
Established under the Primary Industry Bank Act 1977 as a bank owned jointly by the Commonwealth, the major trading banks and the state banks, to make more long-term finance available to primary industry. It began long-term farm lending in 1978. The function was new.
Legislation: Primary Industry Bank Act 1977
How it ended
Acquired in 1994 by the Dutch cooperative bank Rabobank, ending its joint ownership by the Commonwealth and the Australian banks. It continued as Rabobank's Australian banking arm and was renamed Rabobank Australia Limited in 2003. How and when the Commonwealth disposed of its interest is not confirmed.
Main functions
- Refinancing of long-term loans to primary producers
- Provision of long-term rural finance through its shareholder banks
Lineage
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Sources
Government records and websites
Some dates or links for this organisation are uncertain. Corrections are welcome.