Page 18 Advertisements Column 1

Press, 28 December 1985, Page 18

United Building Soc NEW ZEALAND'S LARGEST BUILDING SOCIETY. | BUILDING SOCIETY | . s DIRECTORS' REPORT . n freer financial system, and the Statutory Information Yl our Directors are Mortgage Reviews ',, , ' ' ' WS. - ' ' removal of the current restrictions Statutory information required by pleased to present The attraction and retention of > - -J-imposed by the Building Societies Act. section 96(2) of the Building the annual report funds is a very important aspect of ' • .' ' — Societies Act 1965 is as follows.; and accounts for our business However we are United Lifecare (a) Total amount advanced on the year ended 30 primarily a LENDING' The official opening of security of mortgager 11 September 1985. INSTITUTION. Our ability to < |J||| Somervale at Mount Maunganui, $157,013,000 The rapidly changing and survive and maintain our role as a , '' >*• , " United Lifecare s first retirement (fij Number of mortgages advanced ‘increasingly competitive financial major supplier of mortgage finance ’ , ’ ' '' "• village was a significant step in our under (a) - 3,545 environment has produced a is critically dependent on the * W- long term plan to provide a senes (c) Amount advanced on mortgage challenging year for the Society. A margins we achieve between our • i..'. --' ' *' of high quality, reasonably priced on land used for residential net profit of $6,049 million has lending and borrowing rates and the 1%,... , . complexes to meet the special purposes — $132,164,000 been achieved in the face of efficiency of our operations. -shelter and lifestyle needs of retired (jj) Number of mortgages advanced • increased competition within the To maintain these margins at ~ ' <r New'Zealanders. under (c) - 3,369 finance industry. adequate levels your Directors have *■88? Building is currently progressing ( e ) Amount advanced on mortgage Total assets have increased by ensured that the interest rates on all , - ( on our second village at Titirangi. on land not included in (c) 14.2% to a level of $736,114 new and existing mortgage loans '' lEuf Situated on a superb bush clad above — $24,849,000 million and we have achieved 85% were regularly reviewed and sJw elevated site, the 93 unit village has (f) Nuriiber of mortgages advanced of the industry’s growth to now increased appropriately. However, , tii; . been appropriately named - under (e) - 176 have a 43.3% share of the total we recognised that such increases in CRESTWOOD. (g) Amount advanced on security building society market. Particularly our mortgage rates could create Jfey,', A futher site has been ofmembers’sharesnoteworthy is the 15% growth in ’ extra financial pressure for many of • \ ( purchased in Pakuranga and the $4,223,000advances which now stand at our borrowers. Accordingly we development of the 124 unit (h) Number of advances on security $517,636 million. This , have maintained the option of - retirement complex is presently of shares - 1,341 demonstrates your Society’s deferring payment of the increased awaiting Town Planning approval. Amount advanced on security commitment to maintaining its role amounts as a short term measure to WIIIIF u » —u w«d other than mortgage or as a major supplier of mortgage ease the financial burden. However Keally vvoria . .. p members’ shares - $701,000 finance. our policy of delaying the actual i i •/a 0) Number of advances under (i)Overhead expenses have implementation of the increased United Re , al y in 3 increased marginally and now rat £ s , because of this very real anic l ae a 7/SS< k > Amount of share subscriptions represent 3.2% of total assets concern for the financial I New galand real estate received - $1,050,251,000 compared with last year s figure of circumstances of our mortgagors, " ma f ‘, e . „ Q „u „ n j (1) Amount of share subscriptions 3.0%. There have been good caused our rates to lag behind the years background research and . withdrawn-$1,025,112,000 reasons for this increase, principally general market increases by several k ar !!P n £’ . 1 (m) Amount of term deposits the costs of positioning United in Months. As a result our cost of •• K devLSd received - $979,355,000 anticipation of the deregulated era funds grew at a f aster rate than our 1 rancn is,n £‘ 1 S I “ e , v r (n) Amount of term deposits and the acquisition of additional income from mortgage loans, and | SiSSS I withdrawn-$925,967,000 managerial resources in the areas of this has a marked effect on the vLXfr 3™. ThA (o) Number of mortgage accounts public relations corporate planning, Society’s profit. nroL^iecombSX Sis and 12 months or more in arrears-17 staff training and project analysis. — programme combines the skills and Amount of arrears on these We have continued our realistic New Era motivation of independently owned mortgages - $5O 580 policy of revaluing our holdings of It is vitally important that the BfinCqnri 8 fin C qnriJ l Ji f J Jn,led S (9> Amount advanced without Government and Local Authority fundamental changes occurring in considerable financial and security-$5l 594 000* security to current market levels our industry be recognised and management expertise. The United * ; nc i, If i es s h orf term advances which take account of changes in accepted. For the first time in New Realty World network is an important jclud term i advances interest rates Our reserves rT Zealand’s post war history, element in our objective of ot $46,5U0,UU0 made, on a day Syni"™“' Mortgage Ba"king wift die agreement with the 5 9 % of total assets / / / / era of subsidised and Since balance date the borrower, nnd nl .ee the Sneietv I / / / relatively cheap Government has announced its (r) Number of advances under (q) - in a healthy position to mortgage finance is f ntena fo £P ie 81-31111118 ? f bankin § 35 face the major changes clearly over. Home ! icenc ? s - We are currently Auditors that lie ahead. " finance institutions must tSSnfi The finance accounts for the n TV now directly compete with feasibility of obtaining a banking year ended 30 September 1985 Deregulahon every other sector for the licence in order to enhance further we re audited by Deloitte Haskins The Government s programme j/iu, will our current strong position m the ,„ „ , v . ~ to deregulate the financial system savinBs f financial marketplace. Your Sel,s w f ho bave ,nd,cated their has continued this year with ,n the fu ‘“ re t r “ £ '^ e ' S f Directors have, in a realistic willingness obe reappointed as surprising speed. The abolition of S rSmlntlv appraisal of United’s future, auditors of the Society. the compulsory Reserve Asset more freniientlv in line determined that any banking Thanks Ratios on financial institutions, the ~ J ~ 2. joperation will be based on our The Directors wish to sincerely introduction of a new liquidity wl Q L krJ 111 (n j I extensive experience as a major thank all of the Society’s staff for management system and the Legal Changes lender of mortgage finance. their splendid efforts in what has floating of the New Zealand dollar The Government is presently Vfor(Aiited.(/hitedforyou —— been a difficult and demanding year, have seen our sector move from addressing the final and most Secondary Mortgage Market W e are very appreciative of the. one of the most regulated to one of difficult part of its deregulation Wotice nf Annual General Meeting The ability to sell mortgages is staffs willingness and ability to the least regulated in the Western programme, namely the amending a key aspect of mortgage banking. cope with the pressure created by Of all the legislation necessary to ' . Kb’S? given that the Annual Genera! ?: A ’. S ±T ier ’ Interest Rates achieve a state of competitive Meeting of the United Building Society win be held in the Chairman reasonably sized secondary and the introduction of new Your Direciors hove neutrality” between financial Society’s Meeting Room, 7th floor, 107 Customhouse Quay, mortgage market is thus.an urgent products and services. We nncitivpiv M ihX‘ rh .llenoina institutions. Put simply this means Wellington, on Friday 17 January 1986 at 10.30 a.m. priority in our strategic plan. The recognise the commitment of our EV we the removal of all the privileges and necessary framework for a secondary sta ff to their jobs and the future of the Society’s competitive position restrictions that currently apply to 1. Receive and adopt the Directors’ Report, the Financial imolementation the Society. It is indeed a reflection nnd market share hv constantly the various types of financial , Statements and Auditors' Report for the twelve months deveiopea ana its implementation o f t^e confidence we have in our monitoring and reviewing our institution. The restrictive clauses of ended 30 September 1985. now awaits the pending legislative s{a ff we are taking such bold monitonng ana reviewing our Rnildina Societies Act are 8. Election of Directors. In accordance with the rules, Sir changes. c fPn s towards mortPa?e banking borrowing and lending rates. The the building Societies Act are Lawrence Govan and Mr J. E. McClean retire and, being ure r n g 1 • L rates on all savings, deposit, and expected to be removed early ne eligible, offer themselves for re-election. Ongoing Development ?f the Board I wish to investment accounts have been year an . d the new f rccd oms will 3. Remuneration of Directors. %‘S dA ., A £ nmpnfa i wnr b pay a special tribute to the work of reeularlv increased in response to ailow Onited to <l uick| y develo P a 4. Appointment of Auditors. Similar workus y V Managing Director, regularly increased m response to broader ran2e o f financial and 5. General Business. being done to introduce a United Unkins the changing market conditions. oroaaer range or iinanciai ana Visa Card in 1986 and through Mr Cohn Jenkins. ' In the past year the rate of advisory services to meet the By Order of the Board Electronic Funds Transfer Limited I wish to personally thank my inflation has remained high. At the increasingly sophisticated needs of Wellington 20 December 1985. J.D. Barber, Secretary a joint venture between United and fe! . low J Board members for ‘J .' ■ same time the Government has our customers. Proxies Fletcher Challenge, we anticipate valued and continuing contribution financed the internal deficit by Diversification A member entitled to attend and vote at the meeting is en- . some commercial point of sale 10 . e . tU , P ro^ ess ° ° ur borrowing internally - mainly from Since United’s inception in titled to appoint a proxy who need not be a member of terminals operating in the near future. society, i also acknowledge me ♦hp nrivitp cpcror institutions In the mon mvcpuun Society, to attend and vote at the meeting on his or r fe support and co-operation of our the pnvate sector institutions, in me 1982 your Directors have her behalf Proxies must be deposited at the Registered Of- —— auditors solicitor receiving resultant high interest rate recognised the need to diversify the flee of the Society no later than 10.30 am., Wednesday, 15 Directors apenK and extema’l sunnliert who .environment the Society has Society’s operations into areas of January 1986. .. In accordance with Rule 34, Sir performed with much credit in activity that would naturally . h r Lawrence Govan and Mr J.E. have materially assisted in keeping nMJpvinn a nPt fnndc pmwth for i . ■ e ,■ e A form of Proxy is available from any branch of the \4z-rip6n rpt.rp frnm thp Hoard and United a leading New Zealand achieving a net funds growth tor complement our main function of Society of the office of the Society McClean re ire from the Board and, financial ins{itudon the year of $78.5 million, without mortgage lending. This has been an « is 107 Customhouse Quay, Wellington, P.O. Box 1384, being eligible, offer themselves for incurring excessive increases in the important strategy to strengthen Wellington. re-election. xost of obtaining these funds. United’s competitive position in D.A.Schnauer, Chairman anticipation of the moves towards a . <• • ' 16 December 1985 dmm626ql-