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Bath Building Society Financial Strength
The Butlers ‘Building Societies Guide 2008’ indicated that there were 59 building societies operating in the UK in 2008, ranging from the Nationwide (with assets in excess of £138bn) to the Century (with assets of just over £22m).  Bath Building Society was then reported as being at position 45 in the assets table with total assets of £190m. 

The 2008 guide was prepared using 2007 year end financial information. The 2009 Butlers guide is expected to be published in May 2009 incorporating the latest available figures from the sector.  The Society has grown considerably over 2008 and its asset base now stands at over £220m.
Although the Society is relatively small in comparison to the high street banks and larger building societies,

Bath Building Society has a capital strength that is over 135% of its statutory minimum (as set by the FSA). The FSA's capital ratio is set to maintain the solvency of deposit takers such as banks and building societies.


Bath Building Society Financial Strength

The Society is directly regulated by the FSA and it holds FSA permissions to take deposits and give advice on regulated mortgages.  It is regulated under exactly the same compliance regime as larger societies.  Its external auditors are Deloitte & Touche LLP and it outsources its internal audit requirements to Mutual One Limited, a subsidiary company of the Skipton Building Society.

It is a feature of the building society sector that only the top 10 or so societies have formal credit ratings.  As such Bath Building Society does not have such a rating.  Under the FSA's regulatory regime, it does however have to hold a significant percentage of the total monies invested by its customers as liquid cash at all times.  For example, it is currently managing over £65m of cash and other easily realisable liquid assets within its treasury department.  This equates to about 30% of all of its share and deposit investments.  As part of the regulatory regime covering liquidity risk management, the Society also has to hold substantial lines of credit that it can call on in the event of high demands on short-term liquidity.

The Society is predominantly funded by private individuals who save with the Society through traditional retail channels, such as via its branch and agency network.  It has no exposure at all to wholesale money markets. The Society continues to have a level of arrears well below the industry average. We continue to monitor arrears closely and work with borrowers on a one-by-one basis to find arrears solutions.

As is common with most deposit takers, all of the Society’s share and deposit investors are protected by the Financial Services Compensation Scheme under the standard rules of that scheme.

In summary, Bath Building Society is a well regulated, well managed and well capitalised mutual organisation that has provided a secure home for its members' savings for over 100 years.

Contact: Bath Building Society, 15 Queen Square, Bath, BA1 2HN
Telephone: 01225 423271
Bath Investment and Building Society is authorised and regulated by the Financial Services Authority (registration number 206026)


Related news articles
You may find reading a news article titled 'Anxious Savers Turn To Bath Building Society' of interest, to access this article please click here
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Bath Investment & Building Society are members of the UK Building Societies Association, participants of the Financial Ombudsman Service; and authorised and regulated by the UK Financial Services Authority (registration number 206026). VAT number 600842084