BSA welcomes government financial support package
Commenting on the Government’s financial support package announced today, Adrian Coles, Director-General of the BSA, said:
“We welcome today’s announcement from HMT that all building societies are fully eligible – if they wish – for the package of financial support.
“Societies have strong balance sheets, are well capitalised, have high levels of liquidity and have experienced record savings inflows over the past year, but it is good that societies are not excluded from this package. Societies’ inclusion will give them maximum flexibility to react to the extraordinary events now occurring in the markets.”
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Notes to Editor
1. The Building Societies Association (BSA) represents all 59 building societies in the United Kingdom. Building societies have total assets of over £360 billion and, together with their subsidiaries, hold residential mortgages of £250 billion, more than 20% of the total outstanding in the UK. Societies hold about £230 billion of retail deposits, accounting for more than 20% of all such deposits in the UK.
Building societies also account for about 38% of all cash ISA balances.
Building societies employ over 51,500 full and part-time staff and operate through more than 2,000 branches.
2. Photographs of Adrian Coles are available from the BSA press office, or from the Association’s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk
CONTACT: Rachel Le Brocq
DIRECT LINE: 020 7520 5905
NIGHT/WEEKEND: 077734 89644
EMAIL: rachel.lebrocq@bsa.org.uk
CONTACT: Neil Johnson
DIRECT LINE: 020 7520 5903
NIGHT/WEEKEND: 07908 764549
EMAIL: neil.johnson@bsa.org.uk
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