Do building societies have a future?
Article Abstract:
UK's building society industry is in a crisis that is not expected to end any time soon. The mortgage lending business of most societies continues to diminish while the savings business has to contend with fierce competition from National Savings. The slowdown of business activity is taking its toll on both large and small societies. Although most societies are adequately capitalized, some have collapsed with the burden of making heavy provisions for bad debts. If the current situation persists, the building society industry may undergo a drastic transformation. Small societies may totally disappear while the bigger ones may choose to consolidate. It is possible that by the 21st century, the industry may be composed of just 20 to 30 societies. Some firms are also considering abandoning their mutual ownership status in favor of becoming public limited companies.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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Banks and building societies: coming into line
Article Abstract:
The gap between UK's banking and building society industries in terms of financial reporting has begun to narrow with the passage of the 1986 Building Societies Act and the Building Societies Regulations 1987. These regulations made financial reporting easier and more relevant for building societies and, consequently, propelled the industry to the forefront of financial sector reporting. Revisions to the 1987 regulations were made in 1992, due to the Building Societies Commission's desire for disclosure requirements that are similar to those imposed by the banking industry, and to the accounting changes in the Companies Act 1989. The major changes made to the 1987 rules include the introduction of new regulations for consolidated accounts preparation, the distinction between fixed and current liquid assets, and the maturity analyses of assets and liabilities.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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Your interest at heart?
Article Abstract:
With assets greater than 24 billion pounds sterling, eight regional divisions, 725 branch operations, 2,604 agencies and 360 Cardcash machines (ATMs), The Halifax Building Society is Britain's largest savings and loan. It is also Britain's first national savings and loan. Its finance director, Richard Wheway (a public accountant), is profiled. Wheway also discusses his views on the Building Societies Bill, which if enacted will greatly deregulate the savings and loan industry in Britain, thus fostering increased competition with British banking institutions.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1986
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