Societies unify

Press, Volume CXV, Issue 33933, 28 August 1975, Page 9

Societies unify

Twenty-seven of New Zealand’s permanent building societies have formed a new national organisation.

The long-term aim of the organisation is to unify procedures, and terminology, within the industry. Between them, the 27 have assets totalling sl4om — about 95 per cent of the total assets of the building society movement in New Zealand.

Four of the societies are Christchurch-based. They are the Christchurch Mutual Building Society, the Permanent Investment and Loan Association of Canterbury, the Prudential Building and Investment Society of Canterbury*, and the United Building Societies of Christchurch (Permanent).

The new organisation, the Permanent Building Societies Association, will hold its first meeting in Wellington on September 24, ana will elect an executive committee.

Informal talks have been held between the association’s steering committee, and the Ministers Of Housing and Finance, the Reserve Bank, the Superannuation Corporation, the Accident Compensation Commission, and the Registrar of Building Societies.

The chairman of the steer-, ing committee (Mr D. B. Fea),: of Invercargill, said yester-i day that the permanent build- i ing society movement in New Zealand was more than 100; .years old. Nearly all of the I societies are co-operatives. I existing solely to lend on : ■ home mortgages.

“The association’s task .will : be to encourage uniformity in the operations of all member societies, and to ensure! that the movement is recog-’ nised by’ future governments as a vital aspect of the finance industry” he said. It was a tribute to the' societies that, even in these; inflationary times, the rate of; F.A.R. venture

A new Middle East shipping company is being formed to serve the Federation of Arab Republics, into which Egypt, Syria and Libya formed themselves in September, 1971. It is the federation’s first important joint project to approach completion in its nearly four years of existence. The company will have a capital of about sl6om and its commercial fleet will serve the ports of all three membernations in the eastern Mediterranean. — Cairo.

mortgage interest had been held at a realistic level, and the association was determined to see it stayed that way, Mr Fea said.