The Building Societies Association is the trade association for the UK's building societies.
The Building Societies Association is a trade association, representing mutual lenders and deposit takers in the UK including all 46 UK building societies. Mutual lenders and deposit takers have total assets of over £375 bn and, together with their subsidiaries, hold residential mortgages of £245 bn, 20% of the total outstanding in the UK. They hold over £250 bn of retail deposits, accounting for 22% of all such deposits in the UK. Mutual deposit takers account for about 31% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.
The BSA represents its members to those outside the sector on a number of issues such as building society legislation, the regulation of the sector, developments in the savings market, financial inclusion and the promotion of building societies' mutual status.
The BSA also provides information to its members on these, and a wide variety of other subjects and acts as a central point for building societies to communicate with each other.
Gross lending by building societies and other mutuals increased once again in March, and was 8% higher compared to March 2012. Net lending also increased and remained positive, a feature of sector performance for 18 consecutive months now.
In its budget submission to HM Treasury, the Building Societies Association calls for the Government to deliver measures that will boost house building and the economy; protect homeowners at risk of flooding, and assist hard-pressed savers.
Commenting on the publication of the second report by the Parliamentary Commission on Banking Standards, Adrian Coles, Director-General of the Building Societies Association said:
Of the 39 lenders which have signed up for the Bank's Funding for Lending Scheme (FLS), two thirds are mutual lenders, primarily building societies. Five mutuals had drawn £2.3 billion of funds from the FLS by the end of 2012, 17% of the total amount drawn. However, during Q4 many of the mutual lenders who have signed up for the scheme were finalising the processes for drawing funds, and are likely to do so before it closes next year.
Gross mortgage lending by building societies and other mutual lenders was £2.4 billion in January, up by 25% compared to the same month last year. Mutuals took a 21% market share of gross lending in January, up from 18% in January 2012.
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