Positive Performance Despite Turbulent Economy

At the Society’s AGM today, Chairman, Stuart Young, was able to report that the Society’s performance in 2008 had remained strong and robust despite the difficulties faced by the UK economy in 2008 and the unexpected events of the late summer.

Mr Young advised the meeting that the Society had made provisions at the year end for a potential loss on one of its liquidity investments in the Icelandic Bank, Kaupthing Singer & Friedlander. He expressed his disappointment that the Society had become exposed to this bank when the original investment had been placed with a UK bank. He added however that since the end of the year it appears that the chances of some recoveries have improved following announcements from the administrator.

Despite this and the requirement to fund its share of the Financial Services Compensation Scheme he was pleased to confirm that the Society had remained profitable and had grown by almost 15%.

The meeting approved all of the resolutions presented to it and, after a difficult year in the economy, it was also pleasing to note that more members participated in the voting this year than ever before.