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News in digestible form
Welcome to the February edition of our e-newsletter, BSA Newsbite. A monthly online update, Newsbite gives you the latest news, views and stats from the building society sector.
This update will soon be complemented by the Spring edition of Society Matters, due to be published in March which focuses on Treating Customers Fairly. To order a copy click here
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BSA argues for safeguards against unfair competition from Northern Rock bank
The BSA will be analysing closely the business plan and future competitiveness of Northern Rock bank as it begins life as a nationalised entity and welcomes the Chancellor’s intentions to consult on the plan.
Commenting, Adrian Coles, Director-General of the BSA, said: “The nationalisation of Northern Rock could pose a whole raft of competitiveness issues for building societies and other banks, so the Chancellor’s statement in the Commons to consult with the BSA before the business plan is submitted to the European Commission for state aid approval, is welcomed.
“We will look at how Northern Rock intends to compete in the retail deposit market and would be concerned if the tax-payer supported bank started to compete fiercely to repay the Bank of England loans quickly.
“The key to all of this, however, lies in the business plan – what we might see is the business being run down rapidly with the bank posing no threat to its competitors - of course the devil is in the detail and until the plan is made public all this will remain uncertain.”
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BSA responds to Labour and Conservative Manifesto Consultation
The BSA has responded to two consultations by the Labour and Conservative parties that will influence the contents of their respective manifestos at the next election.
The Labour consultation focuses on what can be done to promote the development of sustainable and affordable housing. In our response, we have stressed the importance of increasing the numbers of properties that are built, and ensuring that new builds are the types of property that are wanted by buyers.
The Association also criticised the use of unique Section 106 agreements by local authorities. Section 106 agreements seek to place conditions on developments to ensure that some properties are “affordable”, but these can often pose significant barriers to lenders being able to lend. The standard Section 106 conditions that have been developed in conjunction with lenders by the Housing Corporation should be used to overcome these barriers to greater lender involvement.
Read the article
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BSA welcomes new Associate
SAP (UK) Ltd have joined the Association as an Associate
SAP is the world's largest business software company and the world's third-largest independent software provider overall
To find out more about them, check out their website www.sap.com/uk/company/index.epx
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And finally ...
If Newsbite has been forwarded to you by a colleague and you would like to get your own copy direct, or if you would like to unsubscribe just e-mail the Media Centre.
For feedback, opinions and information, contact Newsbite’s editor rachel.wylie@bsa.org.uk.
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BSA Annual Conference - 7 & 8 May 2008 - Manchester Central
We've lined up a first class programme for this year's conference. Among the most prominent speakers are Hector Sants, chief executive of the FSA; Derek Scott, Economic Advisor to Tony Blair between 1997 and 2003; and David Aaronovitch, the leading political commentator who recently completed a series of three TV programmes on the Blair Years.
You can find out more and register online at www.bsaconference.org
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