The Economics of Building Societies by T. J. Gough (auth.)
By T. J. Gough (auth.)
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Extra info for The Economics of Building Societies
Example text
The importance of the role of expectations in these transactions makes the whole situation highly volatile. While the number of investors operating on this profitmaximising principle may be relatively small, the fact that they control very large amounts of funds poses a particular problem for building societies. One particular type of investor exemplifies the problems for the building society - namely money held in building societies by companies. Here the money is often very substantial per account, and is used by the company as a source ofliquid assets which earn a reasonable rate of return and are not required for current use.
5 shows, this has now fallen to only 3 % of the total. The reason for the change is largely the result of the fact that there have been no recent instances of building society investors losing their money as a result of a failure. Even in the recent cases of the Wakefield Building Society and the Grays Building Society, the united action of the other societies (under the BSA's leadership) safeguarded investors for the sake of the confidence of the investors in all societies. With the risk of failure brought as near zero as possible, few investors felt it worthwhile forgoing the interest on the share account for the theoretical decrease in risk on the deposit account.
While at an instant of time this classification can be made, it is also true that these classifications tend to change over time. The average individual will tend to be a net saver early in life, saving with a building society for a deposit on a house, as well as thereby increasing his chances of being allocated a mortgage by holding a savings account. Having obtained a mortgage he turns from being a small net saver to a large net borrower and this will continue for some time, the extent of the net borrowing gradually reducing over time as the mortgage burden declines.