The Building Society Industry in Transition by Leigh Drake

By Leigh Drake

Construction societies are on the vanguard of the large alterations and demanding situations happening in undefined. specifically the aggressive surroundings has intensified dramatically on either side of the stability sheet, and this intensification of festival has ended in a few major and basic adjustments within the regulatory framework and aggressive atmosphere in which development societies function. This e-book describes those alterations and challanges now dealing with the societies and attempts to target the problems that are prone to end up major in shaping the longer term evoloution of the construction society undefined.

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3. Mai- ing or receiving of payments. as agents. 4. Management. as agents. of mortgage investments. 5. Management. as agents. of land. 6. Arranging for the provision of services relating to the acquisition or disposal of investments. whether on behalf of the investor or the person providing the service. 7. Establishment and management of personal equity plans. 8. Arranging for the provision of credit. wh ether on behalf of the borrower or the person providing credit. and providing services in connection with current loan agreements to the party providing credit.

In 1974, for example, societies began to introduce term share accounts which offered a variable premium over the ordinary share rate in exchange for a fixedterm commitment by the investor. The attractiveness of these term share accounts was such that by 1980 they accounted for almost 15 per cent of all deposit balances while ordinary share accounts fell from almost 90 per cent to below 80 per cent of all balances. Given that the ordinary share account had constituted the industry's traditionallow cost source offunding this change in the composition ofthe liability portfolio could only serve to increase the average funding costs of the building society industry.

Secondly, the consequent increased media coverage of the attractions of investments in unit trusts and finally, at the beginning of 1987, the launch of Personal Equity Plans which also received a great deal of media attention. Estimates produced by the BSA suggest that equity prices rose by an average of 20 per cent in nominal terms and 10 per cent in real terms between 1977 and 1986, with growth exceeding 40 per cent in nominal terms in the ni ne months prior to the October 1987 stock market crash.

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