Abbey for Intermediaries managing director Ricky Okey says it still plans to deliver against its 2008 business plan despite the liquidity crunch.
Speaking at its key account conference last week, Okey said the firm will stick to the lending plans which it originally set last August.
He said: “A lot has happened since then but we have not deviated much from that position. The fact that we are maintaining our 2008 plans despite the market conditions is an important message for intermediaries.”
“We are not slashing our lending position, we are not cutting back hugely and we are not pulling out of the market. There will be small changes here and there but we broadly want to deliver our 2008 plan and we cannot do that unless we are heavily in the market.”
Okey said Abbey is happy to have missed out on the growth of the sub-prime market as it is now missing out on the pain. He said: “I would rather be in the position we are in today, not having taken advantage of those opportunities, as it means we can very much trade in the current market.”
He said Abbey’s compound annual growth from 2005 to 2007 was around 18 per cent compared with market growth of 7.9 per cent.
Okey said: “This figure becomes even more impressive when you think that specialist growth during that period has been about 27 per cent and we have not been in the specialist buy-to-let and sub-prime market. The growth in our core offering has been substantial.”
Okey said having Santander as its parent company has brought Abbey a significant contribution in terms of technology. He said: “You will not see it yet but over the next 12 to 20 months, when you interface with us, you will find a slicker, more reasonable and better operating system than you have experienced in the past.”