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Nottingham building society reports £1.9m loss in 2009

Nottingham Building Society has reported a pre-tax loss of £1.9m in 2009, compared to a pre-tax profit of £0.5m in 2008.

The lender’s underlying profit, which excludes the impact of the Financial Services Compensation Scheme, restructuring costs and fair value movements from hedge accounting, fell from £2.9m in 2008 to £0.6m in 2009.

Nottingham’s total assets also decreased from £3bn in 2008 to £2.6bn in 2009.

Total mortgage lending for the building society dropped from £429m in 2008 to £288m in 2009.

Nottingham Building Society chief executive Ian Rowling said: “The traditional goals of balance sheet and profit growth were simply not appropriate in 2009. Our focus has been on our existing customers, particularly savers, many of whom rely on their interest to supplement income.

“Our success here is reflected in the strengthening of our franchise in our regional heartland where our branch retail savings balances continued to grow despite the general turbulence and an industry trend of falling balances.”


Cable rails at state banks’ funding role

Liberal Democrat Shadow Chancellor Vince Cable has hit out at the Government for allowing nationalised banks to help fund international takeovers when they should be supporting British businesses.


Goldman Sachs admits currency swaps role in Greek crisis

Goldman Sachs USA chairman Gerald Corrigan told MPs that its currency swap deals entered into with Greece could have added to the country’s debt crisis – and said it was possible that the UK was involved in similar deals with other banks.

Commission con advisers tricked firm out of £100k

Two advisers have been found guilty of tricking their company out of more than £100,000, a court has heard. Mark Bates, 48, and Alan Hill, 52, a partner and adviser with Pace Financial Management in Sheffield, were found guilty on February 18 at Southwark Crown Court of conspiracy to defraud, conspiracy to obtain a money […]

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Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them


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