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Teachers Building Society has announced its annual results for 2008 and the Society made a profit against a very challenging economic backdrop.
The Society attributes this success to providing a dedicated mortgage service for teachers, adhering to a prudent lending policy and a product range that is both good value and meets customers’ needs. Along with all other building societies and banks, Teachers is required to pay a levy to the Financial Services Compensation Scheme (FSCS) as part of the government’s bailout of the failed Bradford & Bingley, Icelandic and London Scottish banks.
Teachers Building Society believes that its contribution to the FSCS, and that of other building societies, is a disproportionate share of the compensation costs for the failed banks, which operated much more risky business models.
James Bawa, chief executive of Teachers Building Society, says ‘Last year was quite unprecedented in financial terms and this year looks set to be equally challenging. We’re delighted that we have managed to make a profit for our members and grow in such a difficult environment and at a time when many other financial organisations have needed money from the government in order to survive.’
Teachers Building Society was founded over forty years ago by the National Union of Teachers and the Society remains committed to helping education professionals achieve their property-owning ambitions. Staying true to this original purpose is one of the main reasons that Teachers Building Society has prevailed, James believes.
‘We understand the teaching profession and consequently our lending decisions carry less risk. We’re proud of our reputation for providing a high level of customer care and we’re determined to remain mutual and independent and to carry on supporting teachers for many years to come.’
While the Society’s mortgages are generally only available to people working in education, the savings products are available to everyone.
Teachers Building Society will hold its AGM on Monday 20th April at the Allendale Centre in Wimborne. Martin Reed, non-executive director of Teachers Building Society, will be appointed to the post of President of the National Union of Teachers at its annual conference in April. James Bawa says ‘Our relationship with the NUT is very important to us, and having Martin Reed on our board reinforces this.’
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