Dear Member,

The main theme of Monday night’s meeting was to approve the budget for the remaining 6 months of the financial year and discuss potential strategies for addressing the gulf between members’ deposits and loans: Members savings continue to grow rapidly, which is good, however, whilst borrowing is also increasing it is not doing so at a rate that is keeping up with deposits. Whilst we have no interest in increasing member’s debts, we recognise that most members do borrow, so we continue to promote our excellent value loans and encourage every member to at least get a quote from us when they are looking for funds.

In keeping with that drive, we also approved a change to our Fixed Rate mortgage which will make it more suitable to a wider range of applicants: we will implement this shortly and let you know the details then.

Yours in co-operation

David McRiner, Chair