About City of Derry Building Society.
The City of Derry Building Society was incorporated in
1876 as Londonderry Provident Building Society, a name it retained until it
changed its name to City of Derry Building Society on 1st January 2001. The
Society restricts its business activity to Northern Ireland. They are Member of
The Building Societies Association and are Authorised and Regulated by the
Financial Services Authority. They are member of the Financial Services
Compensation Scheme.
City of Derry Building Society Information.
Head Office – City of Derry Building Society - 43
Carlisle Road, Londonderry BT48 6JJ Tel - 028 71370037 Fax - 028 71371508.
Branch Offices – N/A
Products
Savings Accounts – Savings accounts include 2 Year
Capital Bond, 90-Twenty, Access 30, Instant Access Savings Accounts a Junior
Saver and a Cash ISA.
Mortgage Accounts - Standard Variable Rate and range of
other mortgages.
Insurance –N/A.
Others – N/A.
Financial Results Year Ended 31/12/2010
For the year they made a profit after tax of £36,276 (£88,983).
Mortgage Lending –Despite the fact that no actual
losses have been incurred to date, the Board has considered it prudent to make
mortgage provisions of £224,266 to reflect the reduction in Northern Ireland
house prices. Mortgage lending in 2010 continued to be depressed both by a lack
of activity in the marketplace and by property values that have entered their
fourth year of downward movement. The Society lent just over £3 million, a
historically low level, yet succeeded in growing total mortgage balances by
almost 4% to over £30 million, excluding provisions. There were 48 mortgages
and further advances and at the end of the year there were 7 cases where
repayments were more than 12 months in arrear, the total amount of arrears in
these cases being £76,946.
Savings – Savers’ balances increased by over £2.2
million, or 6.3%, to almost £38 million, and these inflows allowed assets to
grow to £40.6 million.
City of Derry Building Society Directors
Executive Directors – C A Jeffrey,
Non Executive Directors – D A Hill, W B S Buchanan, A W
Fielding, D C Black, J C Love, J E Bradley and K O’Leary.
Membership Numbers – The City of Derry Building Society
has 404 borrowing members and 2095 investing (saving) members.
Other information – website cityofderrybs.co.uk.
