Building societies 'in a strong position for lending'

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Building societies 'in a strong position for lending'

Despite the impact of the credit crunch, building societies are largely not struggling and are in "a very good position" for lending, it has been claimed.

Neil Johnson, PR and policy manager of the Building Societies Association (BSA), said that the current financial situation has been affecting lenders of all sizes.

As larger banks have been forced to restrict lending, building societies have found themselves "inundated" with business and have had to make adjustments so that service levels were not affected, he explained.

"Unlike a lot of their PLC competitors, [building societies] are very successful at getting funding and that actually puts them in a very good position to continue lending," Mr Johnson said, adding that building societies are "are largely funded by retail deposits rather than wholesale markets".

According to the BSA, building societies raise an average of 30 per cent of its funds from the wholesale markets.
ADNFCR-323-ID-18525426-ADNFCR

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