UK finance sector shows first signs of recovery Oct 5, 2009
Securities traders and investment managers reported strong growth in the quarter, while banks and building societies - banks owned by depositors and borrowers - expect to see improvement in the next three months, the survey said. Life insurers and insurance brokers anticipate further declines but at a slower rate. (The Star Online, Malaysia -- Business)
Banks 'show first recovery signs' Oct 5, 2009
But building societies returned to feeling "downbeat" and business levels were weak in other areas, suggesting the recovery still has a way to go ... Building societies were feeling downbeat about their prospects, partly because of difficulties with funding ... The survey found that profitability at building societies was "broadly flat" over the three months, with a resumption of declines expected in the current quarter. (BBC News -- UK)
NAB hoses down L&G speculation Oct 2, 2009
Last week UK press reports linked NAB to making offers to take over one or more building societies in Britain. Potential targets named include the Chelsea or Newcastle building societies. (Sydney Morning Herald -- Business)
Mortgage approvals dip in August Sep 30, 2009
Building Societies Association ... Adrian Coles of the Building Societies Association said lending by his members had been subdued last month ... "Despite signs of a modest improvement in market conditions in recent months, activity will not return to normal levels until funds for mortgage lending are more widely available to building societies and other lenders," Mr Coles warned. (BBC News -- Business)
Cheque guarantee to end in 2011 Sep 25, 2009
The 24 banks and building societies in the UK domestic cheque guarantee card system decided on the date as part of a coordinated rundown of the system. The alternative was to let the scheme wither on the vine which was more likely to have led to confusion and mixed messages. (BBC News -- Business)
U.K. Mortgage Approvals Rise to 2009 High in August, Seventh Straight Gain Sep 19, 2009
A majority of Britons say now is a good time to buy a home, a survey by the Building Societies Association showed this week. The Bank of Englands sample covers data from Banco Santander, Barclays Plc, HSBC Holdings Plc, Lloyds Banking Group Plc, Nationwide Building Society and Royal Bank of Scotland Group Plc. (Bloomberg -- UK)
Higher payouts from Premium Bonds Sep 17, 2009
In the first three months of the 2009/10 year, NS&I saw a net outflow of money as people responded to higher rates available from banks and building societies, or preferred to use their money to spend or to pay off debts. During that quarter there was a 4. (BBC News -- Business)
Save to prosper Sep 17, 2009
2% share, building societies with 21 ... Banks and building societies are looking to rebuild their finances and so are more picky with who they lend to. (BBC News -- UK)
It's game on in real estate Sep 16, 2009
The Age: national, world, business, entertainment, sport and technology news from Melbourne's leading newspaper. John KavanaghSeptember 16, 2009. (Sydney Morning Herald -- Business)
More surveyors report price rises Sep 16, 2009
Robert Green, of John D Wood and Co in Oxford, said: "The low volume of stock is keeping the market buoyant and buyers are chasing homes that they thought they would have time to consider at a gentler pace. Separate figures released by the Department of Communities and Local Government (DCLG) showed that UK house prices were 1.4% higher in July than in June, but still 8.3% lower than in July 2008. The quarter-on-quarter change, a less volatile measure than monthly changes, showed that prices... (BBC News -- Business)
Economists are calling for major reform while we still have the opportunity. Sep 15, 2009
APRA would be the national prudential regulator, overseeing banks, insurers and anything - including credit unions and building societies - that accepted people's deposits. Despite the Wallis report being more than a decade old, calls for a sequel have thus far been met with a metaphorical shrugging of shoulders. (Sydney Morning Herald -- Business)
Banks may need to increase cash Sep 12, 2009
ADIs cover banks, building societies and credit unions. ANZ chief executive Mike Smith described the tougher rules as a ''sensible move'', although they would be unlikely to affect his bank because it already holds substantial levels of liquidity. (Sydney Morning Herald -- Business)
Credit crunched Sep 11, 2009
And the money held in savings accounts with banks, building societies and at National Savings rose by 52bn to 1,102bn. So what. (BBC News -- UK)
Credit Card Basics Sep 8, 2009
Credit cards are essentially loans given by banks, building societies and credit unions. The two most common credit cards are Visa and MasterCard. (Suite101.com)
Building societies fear new rules Sep 7, 2009
Building societies say planned new regulation will make it difficult for them to compete with banks. Proposals from the Financial Services Authority, the City watchdog, include plans to limit riskier types of lending by building societies ... The Building Societies Association (BSA) says that the proposals would disadvantage the industry. (BBC News -- Business)
Millions make finance complaints Sep 4, 2009
There would have been more but for the fact that the FSA told regulated firms in the middle of 2007 they they did not have to include new complaints about charges for unauthorised overdrafts levied by banks and building societies ... Last year, the firms most likely to admit making a mistake were building societies, who settled 59% of complaints in their customers' favour. (BBC News -- Business)
Personal debt dips for first time Sep 2, 2009
"The mortgage market continues to show signs of some sort of recovery when compared to the first few months of this year," said Adrian Coles, director-general of the Building Societies Association (BSA) ... Even taking into account interest added to people's accounts, July was the third month in a row that savings balances held by building societies customers had fallen ... Adrian Coles warned that this process would hinder the ability of banks and building societies to lend money to potential... (BBC News -- Business)
There's no future providing mortgages unless you're a big-four bank. Aug 25, 2009
The three remaining "regional" banks remain dependent on a government guarantee that the big four are keen to be rid of while the remaining mutual building societies and credit unions all exist in the shadow of carpetbaggers prepared to make a quick turn by de-mutualising the things in preparation for predators rolling them up. The lack of future for the smaller ADI's might be summed up by Challenger considering the option of becoming a bank, but deciding it wasn't worth it. (Sydney Morning Herald -- Business)
Chelsea Building Society Says Bad Loan Provisions Soar on Mortgage Fraud Aug 22, 2009
Former building societies, including and , made reckless mortgage loans that helped inflate the housing bubble, the , a policy research group with ties to the government, said in May ... Fitch Ratings downgraded the debt ratings on five U.K. building societies, including Chelsea, in May citing rising bad loans and difficulties in accessing funding from the wholesale money markets ... West Bromwich, Newcastle, Principality and Yorkshire building societies also had their long-term issuer... (Bloomberg -- UK)
Ministers drills CEO of Public Procurement Act Aug 20, 2009
Other institutions captured are public schools, hospitals, the Bank of Ghana and other financial institutions such as public trusts, pension funds, insurance companies and building societies. The act also cover institutions, which are wholly- owned by the State or in which the State has majority interest and those established by Government for the general welfare of the public. (Ghana Web, Ghana)
Fewer lenders dominate home loans Aug 19, 2009
Banks and building societies were also badly affected by the drying up of funds from the wholesale banking markets ... Among building societies, the Nationwide took over both the Cheshire and Derbyshire building societies, and there were mergers between the Scarborough and Skipton, the Catholic and the Chelsea, and the Barnsley and Yorkshire building societies. (BBC News -- Business)
Revenue raiser Aug 19, 2009
The rest are owned by building societies, credit unions and other independent companies running machines such as Cashconnect (Banktech Group), Kwik Cash (Chubb), rediATM (owned by credit unions), Cashcard (First Data), Customers and iCash. Since March, ATM owners have charged the user, instead of banks taking a cut. (Sydney Morning Herald -- Business)
Regulator on the prowl Aug 19, 2009
The Age: national, world, business, entertainment, sport and technology news from Melbourne's leading newspaper. By Lesley ParkerAugust 19, 2009. (Sydney Morning Herald -- Business)
Rock delays bondholder payments Aug 19, 2009
It will be quite wrong if it competes with building societies and other institutions that didn't need taxpayers support and didn't lend unwisely. Adrian Coles, Building Societies Association ... The Building Societies Association (BSA) has criticised the idea for potentially giving the Northern Rock an unfair advantage in the future over its rival lenders, such as mutually owned building societies. (BBC News -- Business)
Mutuals oppose Northern Rock plan Aug 18, 2009
The Building Societies Association (BSA) has opposed the UK government's plan to split the nationalised Northern Rock bank into two parts ... In its submission to the EU on 31 July, the BSA argued that splitting the Northern Rock into a good bank (BankCo), and a bad bank (AssetCo) holding most of the Rock's old mortgages, would put building societies at a big disadvantage. (BBC News -- Business)
Revamp at UK bank slammed Aug 18, 2009
The Building Societies' Association (BSA) had told the European Commission that Northern Rock should be made to pay financial penalties to maintain a level playing field if the proposed overhaul went ahead, a BSA spokeswoman said yesterday. The commission is scrutinising the restructuring plan to make sure that it does not breach European state aid rules. (Business Report, South Africa)
Zimbabwe: Lendings Slow Down as Banks Adjust to Dollarisation Aug 15, 2009
Commercial banks, loan-to-deposit ratio was 44,5%, merchant banks 48%, building societies 28,25% and savings banks 25,31 ... merchant bank and building societies -- US$5 million while finance and discount houses should have US$3,75 million ... Of the country's four building societies, CABS handled the most deposits of US$14,9 million. (allAfrica.com)
Britain's bank bonus crackdown Aug 13, 2009
It added in a statement: "The FSA has today introduced a new code that will require large banks, building societies and broker dealers in the UK to establish, implement and maintain remuneration policies consistent with effective risk management. "The new code is designed to achieve two objectives: firstly, that boards focus more closely on ensuring that the total amount distributed by a firm is consistent with good risk management and sustainability; and secondly that individual compensation... (Sydney Morning Herald -- Business)
ASIC calls for a debate on its role Aug 8, 2009
As the one-year anniversary of last year's market crisis looms, he is calling for a debate about the philosophy behind financial services regulation, especially of investments such as managed investment schemes, mortgage trusts and unlisted property trusts that, unlike banks, credit unions and building societies, are not governed by prudential requirements. I'll cop the criticism, because it's fair, we're a public funded commission,'' Mr D'Aloisio says. (Sydney Morning Herald -- Business)
Mortgage approvals 'on the rise' Jul 30, 2009
" 'Challenging' timesThe value of mortgages approved by building societies was at the highest level of the year in June, according to the Building Societies Association (BSA). However, while this offered signs of stabilisation, the value was still more than 30% down on the same month a year earlier. In the savings market in June, building societies saw customers withdraw 2.2bn more than they put in in June, compared with depositing 419m more than they took out last June. "The withdrawal... (BBC News -- Business)
Call to regulate doorstep lenders Jul 28, 2009
Loan companies have become more popular during the last few years as people have increasingly struggled to get credit from banks or building societies. But Barnardo's says taking out such loans often plunges families into "worrying levels of debt". (BBC News -- UK)
Banking costs 'put up mortgages' Jul 26, 2009
" She accused Moneyfacts of making its claims without having "taken all these things into account". 'Mortgage demand exists'At present about eight or nine major lenders are supplying most mortgages in the UK. Most experts believe that banks are using the relatively low level of competition in the mortgage market to rebuild their profits, BBC business reporter Brian Milligan said. More borrowers were likely to default in a recession, Angela Knight said But the Council for Mortgage Lenders... (BBC News -- UK)
Savings 'postcode lottery' claim Jul 25, 2009
Banks and building societies based in Northern Ireland, Yorkshire and the east and north of England offered lower returns between 1992 and 2006 ... He said that regionally-based banks or building societies - which had 75% of branches in one region - had different competition considerations and funding models from the big institutions ... "Regionally-based building societies and banks have been far more reliant on deposits to fund other aspects of their banking business, such as loan provision,... (BBC News -- Business)
'Customers pay' as banks rebuild Jul 25, 2009
Banks and building societies are trying to rebuild their profits at the expense of customers, according to Moneyfacts ... However there is an admission that both banks and building societies are aiming for higher profits, if only to ensure the stability of the banking system as a whole. (BBC News -- Business)
Savings flight to safety 'over' Jul 23, 2009
Some banks and building societies were unhappy about the perceived extra safety of NS&I, but it did not launch any extra marketing as a result ... Banks and building societies have been offering more attractive interest rates in an attempt to attract more depositors, with a string of new savings products being launched with interest well above the Bank rate of 0. (BBC News -- Business)
Banking Options for Families Jul 20, 2009
In addition to retail banks, families can also use financial services and products offered by credit unions, building societies and community banks ... Figures released by , the association representing credit unions and mutual building societies in Australia show that 85 ... Like credit unions, building societies are smaller, regionally based, with fewer financial products. (Suite101.com)
Tories to outline banking reform Jul 20, 2009
First, as I've broadcast and written about many times in the past few weeks, a Tory administration would transfer to the Bank of England responsibility for preventing banks, building societies and insurers - both individually and collectively - taking excessive financial risks. A Financial Regulation Division, responsible for regulating and supervising financial institutions, would be created at the Bank and it would be headed by a new Deputy Governor for Financial Regulation. (BBC News -- Business)
Super body wants 12% guarantee Jul 19, 2009
Mr Brogden was chief executive of health insurer Manchester Unity until December last year, and was chairman of Abacus the industry group for credit unions and building societies until earlier this year. He was NSW opposition leader for 3 years in the early 2000s, but left politics in 2005. (Sydney Morning Herald -- Business)
Gloomy outlook for mortgage costs Jul 18, 2009
"Banks and building societies are benefiting from the lowest borrowing rates for two decades but this is not being passed on to consumers," said the website's head of mortgages Louise Cuming ... Lending has picked up slightly in recent months, and the Council of Mortgage Lenders stressed that lenders were facing a range of higher costs in order to boost stability for banks and building societies. (BBC News -- Business)
Disney sets out to make 'The Passion for kids' Jul 16, 2009
Banks and building societies under pressure to cut mortgage rates after cost of lending to each other falls to 20-year low. Country residents told they must accept "many thousands" of turbines as part of green energy strategy. (Yahoo News -- 'The Passion of the Christ')
Bronnie blunts Brogden talk Jul 15, 2009
Yet another career change for John Brogden, state Liberal leader until 2005, when he turned to quieter pursuits in the health insurance industry and then credit unions and building societies. He has been appointed chief executive of the Investment & Financial Services Association and replaces Richard Gilbert, who had become a familiar face around Canberra as he worked politicians and the media gallery. (Sydney Morning Herald -- Australia)
John Brogden named as IFSA chief Jul 14, 2009
"I've enjoyed working with Mr Brogden during his time as chair of ABACUS (the industry body representing credit unions, building societies and friendly societies) and have no doubt that he will represent IFSA with the same passion and commitment.". Mr Brogden was a member of the NSW parliament between 1996 and 2005, and opposition leader between 2002 and 2005. (Sydney Morning Herald -- Business)
Support grows for new finance system inquiry Jul 14, 2009
The May figures show the share of new loans issued by building societies, credit unions, wholesale lenders and finance companies falling to a record low 10. 6 per cent, down from 15 per cent a year ago. (Sydney Morning Herald -- Australia)
A people's bank? Actually we've got 127 of them Jul 13, 2009
And then there are the building societies and credit unions which have been around as long as some of our oldest banks and who are truly member-owned. 1. (Sydney Morning Herald -- Business)
Regional bank's $433m offering, thanks to Rudd Jul 10, 2009
THE Federal Government's financial support for regional lenders has enabled one of the country's remaining listed building societies, Wide Bay Australia, to get away a $433 million securitised mortgage offering to investors yesterday. Once the meat and drink of cheap funding for small banks, which helped them compete with the majors, debt markets such as the residential mortgage-backed securities sector collapsed in the face of the global financial crisis. (Sydney Morning Herald -- Business)
Banks to face tougher regulation Jul 9, 2009
"We will put the Bank of England in charge of the prudential supervision of banks, building societies and other significant financial institutions," Mr Osborne said. The party would create a separate consumer and markets regulator, effectively spelling the end of the FSA, the BBC's business editor Robert Peston said. (BBC News -- Business)
Bank to get powers to cut credit Jul 7, 2009
The Bank of England is to be given new powers to control the amount of money that banks and building societies lend, the BBC has learnt. A new committee will take members from the Bank of England as well as the Financial Services Authority (FSA). (BBC News -- Business)
The Childrens Mutual Finds Parents Prioritise Childrens Dreams Jul 5, 2009
This expertise has led several financial institutions and family-focused high street retailers to choose The Children's Mutual as their CTF partner ( ) including ASDA, Boots, The Co-operative, Lloyds TSB, Mothercare and regional bank and building societies across the UK.. Katie Donlan Consolidated PR 22 Endell Street, London WC2H 9AD 020 7781 2376. (Yahoo News -- Press Releases)
Bank collapses put nationalisation back on British agenda Jul 5, 2009
Although former building societies such as Halifax, Northern Rock and Bradford & Bingley were owned by their members, rather than the Government, their decision to ditch mutuality in favour of stockmarket listings has proved disastrous. Every major building society that converted in the 1990s has been poleaxed by the credit crunch, prompting government intervention or rescue takeovers. (Sydney Morning Herald -- Business)
Mortgage repayment quickens Jul 4, 2009
Separate figures from the financial information service Moneyfacts have revealed a further slight relaxation in lending by banks and building societies in the past month. At the beginning of July there were 119 mortgage deals available which asked for only a 10% deposit. (BBC News -- Business)
More defaults expected on loans Jul 3, 2009
The poll of banks and building societies found more people were unable to repay mortgages and other debts. The state of the economy, including rising unemployment, was key to the rising figures. (BBC News -- Business)
BOQ raises $750m in domestic bond issue Jul 2, 2009
Global accounting firm KPMG says the higher fee applies to two of the three regional banks, all building societies and credit unions, making it more expensive for them to attract large cash deposits. First half 2009 after tax profits across the regional banks declined by 68 per cent, while credit unions saw their profits drop by 30 per cent, and building societies by four per cent, KPMG said. (Sydney Morning Herald -- Business)
Britain Faces Renewed Recession Threat Jul 1, 2009
Figures from the Bank of England yesterday confirmed that the banks and building societies remain reluctant to lend to any but the most secure of businesses and home buyers ... A CBI survey published yesterday said more than 95 per cent of banks and building societies expected their bad debts to rise over the next few months. (BusinessWeek)
Mortgage approvals still rising Jun 30, 2009
"While mortgage approvals by banks actually rose by around 2,500, loans from building societies and other specialist lenders both fell during the month," he added ... The Building Societies Association (BSA) said approvals by its members in May were still about 35% lower than in May last year ... Building societies saw their savers withdraw more money than they put in, for the third month in a row. (BBC News -- Business)
Bank cycle still has way to go: Clyne Jun 28, 2009
" he added. Mr Clyne said NAB was continuing to support its UK banking business, which had been hit badly during the global economic crisis, as it was in relatively good shape compared to its peers. "The business there has attractive organic growth opportunities, there may be chances to strengthen its deposit franchises as the opportunities emerge, perhaps from distressed building societies and other things, so I think we support it through the cycle," he said. But Mr Clyne hinted also that the... (Sydney Morning Herald -- Business)
Spain comes to banks' rescue Jun 27, 2009
"Therefore, we think this is a very good time to carry out an orderly process of restructuring our country's financial system, or at least starting it,'' she said. Banks whose solvency is in jeopardy can be forced by the Bank of Spain to merge with another bank if they accept money from the fund, Salgado said. Banks that accept aid will have five years to pay the money back. The Bank of Spain will acquire shares or ownership quotas in lenders that accept funding, depending on whether they listed... (Sydney Morning Herald -- Business)
Bankers back mortgage breaks plan Jun 22, 2009
Swan said 144 retail banks, building societies and credit unions had signed up to a set of principles outlined by the government earlier this year and agreed by the countrys four major banks in April ... In a statement, Swan said all members of the Association of Building Societies and Credit Unions had signed up, along with all retail members of the Australian Bankers Association with a focus in the mortgage market. (The Star Online, Malaysia -- Business)
Decline of West Seen in Scotland Where Mathewson Rues What Goodwin Wrought Jun 20, 2009
By the 1990s, it was Englands banks and building societies, its customer-owned lenders, which were prime targets. We talked to more building societies than I knew existed -- Bristol & West, Northern Rock, dozens -- about a takeover so we could get our hands on their retail deposits, Burt said. (Bloomberg)
More fixed-rate mortgages go up Jun 18, 2009
These are the fixed rates at which banks and building societies borrow money from each other, for specified periods of time, to fund these particular mortgage deals. "Swap rates have increased substantially in May and June and in particular last week," said Nici Audhlam-Gardiner, director of mortgages for the Abbey and the Alliance & Leicester, both run by the Spanish bank Santander. (BBC News -- Business)
Spanish bank ratings downgraded Jun 16, 2009
MADRID Moody's Investors Service has downgraded the ratings of 30 Spanish banks and building societies, citing Spain's economic downturn and a big rise in non-performing loans ... Moody's downgraded the financial strength ratings of 30 banks and building societies, eight of them by a full four notches. (Yahoo News -- Politics)
Perpetual bets on market bottom May 31, 2009
Perpetual suffered huge funds outflows from its Mortgage Trust when the government introduced the guarantee on all deposits held in banks, credit unions and building societies last October. The guarantee applies to deposits under $1 million and was put in place for three years. (Sydney Morning Herald -- Business)
Homebuyers face higher mortgage rates May 31, 2009
The rise in yields forces banks and building societies to raise fixed rate mortgages as these are calculated by using swap rates, which tend to move in line with government bond yields. A swap rate measures the cost for a bank or building society to swap or switch from a floating rate to a fixed rate. (FT.com -- Markets)
Building societies' ratings cut May 23, 2009
Credit ratings agency Fitch has downgraded five UK building societies amid weak economic conditions. The agency has cut the long-term issuer default ratings at the Chelsea, Newcastle, Principality, West Bromwich and Yorkshire building societies ... At the Building Societies Association (BSA) conference earlier this week, building societies reported that 2009 would continue to be challenging, but there was optimism for an end to the downturn in 2010. (BBC News -- Business)
Your say Have you been ripped off? May 21, 2009
Building societies are good but not easily accessible for most people. Blackheart. (Sydney Morning Herald -- Business)
Credit card code to combat fraud May 13, 2009
According to figures from the Association for Payment Clearing Services (Apacs) - the trade forum for banks, building societies, and credit card firms - CNP fraud accounted for more than 328. 4 million in 2008, a rise of 13% from the previous year. (BBC News -- Technology)
