THE CATHOLIC Building Society has criticised the Government's removal of relief on life assurance premiums.
Speaking at the Society's annual general meeting in London, the Lady Chairman, the Hon. Mrs. Nona Byrne said the CBS had planned two new investments, the Catholic Family Bond and Family Share.
'An average of ten accounts per week were being opened when both the Bond and the Family Share fell victims to a most arbitrary and controversial Budget decision by the Government. The removal, without consultation, of life assurance premium relief which had existed for over 150 years was a severe blow to genuine users of long term life assurance. All have been penalised for the sake of a few fringe operations which were abusine the system'. she said.
Announcing a 27 per cent increase in home loans, she noted that it was the 16th year of unbroken rises in the amount of home loans made available. "Yet not a single mortgage loss has occurred in our 24 years existence" she said.
The society announced the introduction of a new high interest "Jubilee" bond to launch its Jubilee year, which begins on September 1.
The 1983 annual report showed: • A rise in total assets to £7,648.000.
.40 per cent of new loans made to women — believed to be a higher proportion than any other society — and 10 per cent of all home loans to widows or deserted wives.