We were delighted to welcome our newly elected directors to observe the Board meeting last night. It was a busy agenda: as well as the standing reports we received two internal audit reports; updated four policies; approved the forecasted dividend rates for next quarter (no change); endorsed a new loan product (coming early 2017) and considered whether to respond to the consultation on the proposed changes to the FSCS scheme!

We noted that we have been exceptionally busy in November (incoming calls were up 25% on last year and loan applications up 15%) but, thanks to the efforts of the staff, we had maintained and excellent level of service. We were also delighted to note the financial astuteness of those members using the Christmas Savings Account: on average our members each saved £705 in advance of Christmas which compares nicely with The Money Advice Service news that £753 is the cost of Christmas for the average UK family. The 2017 Christmas Saving Account is available now – its never to early to start, just give us a call!

Finally, on behalf of the Board and staff at Scotwest we wish you all a very Merry Christmas and a Happy New Year.

Yours in co-operation

David McRiner,