Catholic Building Society celebrates 40th Anniversary

THE Catholic Building Society is, and will remain, a mutual society offering traditional savings and mortgage plans. It was founded by Wing Commander Vincent Byrne in 1960 and it gives us tremendous satisfaction today to reflect on how the Society has prospered during the past 40 years whilst remaining true to its principles of mutuality. His wife, the Hon. Mrs. Nona Byrne DSG still serves as a non-Executive member of the Board, after retiring from the Chair, a position she held for over 30 years.
It is also interesting to note that the previous Chief
Executive, Francis Higgins KSG, had
completed over 30 years service when he retired last year. Their joint stewardship has seen the Society grow and prosper since those early days. The current Chairman, Stanley
Cummings readily acknowledges the impact that Nona and Francis have had on the Society during its first 40 years and itis growth today to over E3 lm of assets and a strong financial position.
Stanley Cummings joined the Society as a nonExecutive Director in 1998 and succeeded Nona Byrne as Chairman later that year. His considerable expertise with the Woolwich brings a wide range of experience to this position and he is helping to drive the Society forward into the 21st Century.
When the Society first set down our objectives and guiding principles, these were all focused on helping first-time buyers, many of whom were on low incomes, and to give single women and widows an equal opportunity to buy their own home. In the 19601s this was virtually unheard of. Currently about one-third of our borrowers are women.
In addition, we have also assisted people where other lenders have refused to consider them for any further financial help. We have pursued this policy in a caring and responsible manner, never losing sight of our obligations to our Investors, to whom we have a duty of care to protect their investments.
Our policy today remains unchanged and at the Catholic Building Society we draw great satisfaction from actually achieving what we set out to do, to the benefit of thousands of families across the country.
We believe that mutuality continues to bring benefits because: * It gives us an ability to pay and charge competitive interest rates as we have no dividends to distribute to external shareholders.
* We are able to concentrate on the needs of our Members and not be distracted by short term pressures from the City.
* We offer a personal service based on a thorough understanding of our Members' needs.
Staff concerned with policy and management issues include principally Philip Sanders (Chief Executive) and Jim Gilbourne (his Deputy). One of the benefits of a small Society is that the senior managers do actually talk to, meet and write personally to our Members. And they enjoy it. Philip joined the Society in December 1996 and has a banking and building society background of over 25 years, which includes being Chief Executive of a similar sized northern Society. He took over as Chief Executive on 1st June 1999.
We are proud of our name which requires that the Catholic Building Society has and maintains a high reputation for sound management with a realistic policy to serve the varied needs of our investors and home-buyers of all denominations. Our size means that we are able to offer greater flexibility in our mortgage lending, both on rates and underwriting.
Our traditional stance as a mutual Building Society is matched by our use of modern techniques for dealing with our customers. The Society's computer systems are fully Year 2000 compliant and have the flexibility to allow the Society to offer a range of products to both Investors and Borrowers. Indeed, changes such as the introduction of the ISA, and possible changes such as the multi-currency requirement of the EURO are already inherent in the system. E-commerce is also high on the agenda when viewing further enhancements over the next two or three years.
The Society believes in the community and has always actively encouraged its Members to involve themselves in the Society. Initiatives, such as the Parish Representatives Scheme, where people offer their services free to introduce the Societyis services to prospective clients in their Parish, will ensure that our niche will continue for many years to come. As far as the Parish Representatives Scheme is concerned, it allows people at the grassroots to be involved and the Society will donate £150 to a Charity of the Parishis choice for each mortgage completed. Anyone interested in becoming a representative should contact Philip Sanders directly at the Society.
In addition the Society promotes one Charity at Christmas. Through the generosity of its Members it has raised over £70,000 in the last few years by these annual appeals for charities such as Catholic Housing Aid Society. This year alone over £15,000 has been raised for the Railway Children. We believe in commitment and we will continue to be involved.
The Catholic Building Society was formed to help people and this can best be accommodated within a mutual organisation. The Society has provided a safe and secure home for its Members investments for 40 years, whilst offering competitive rates of interest. The Board continues to follow the strategy that the Catholic Building Society should remain mutual and independent in order that it may serve existing and future generations.
Here's to the next 40 years!