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Beginning of Paper
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REPORT ON THE COSTS & BENEFITS OF A BUILDING SOCIETY CONVERTING TO A PLC
At the beginning of this century there were more than 2000 building societies, fiercely independent mutual organisations, formed in the spirit of Victorian self help. There are now just 71. Some of these that have disappeare ....
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Middle of Paper
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.... loans.
2) No more than 50% of funds may be raised on the wholesale markets
This limit was previously 40% before the revised 1997 Building Societies Act.
Building societies have eagerly taken the opportunity to raise money in the wholesale markets, which have frequently proved to be the cheapest source of wholesale funds (Wholesale funds are large deposits placed by companies and financial institutions, bearing an interest rate in line with the market rate rather than base rates). They have used these funds to even out any shortfall in the inflow ....
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SUBJECTS
