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Skipton Building Society. 

About Skipton Building Society.
Skipton are the UK’s fourth largest building society, with £13.7bn of assets, and 104 branches. It heads up the Skipton Group, whose divisions have significant interests in estate agency and related businesses (through Connells group), provision of financial services outsourcing (through Homeloan Management), independent financial and related advisory businesses, and support services to the mutual sector. On 1 June 2010 the Society merged with the Chesham Building Society (‘Chesham’) under section 42B(3)(b) of the Building Societies Act on the basis of a board resolution of Skipton as permitted by a direction given by the FSA. The merger was approved by Chesham members on 31 March 2010.

Skipton Building Society Information.

Head Office - The Bailey, Skipton, North Yorkshire BD23 1DN. Phone: 01756 705000.

Branches – Skipton Building Society has 104 branches across the United Kingdom.

History – The Skipton Building Society Society was established in 1853. In 2009 Skipton took over the Scarborough Building Society and this was followed by the takeover of the Chesham Building Society in 2010.

Savings accounts available include Branch Access Account, Notice Accounts, Telephone Saver, Regular Saver, Fixed Rate Cash ISA’s, E-Bonds, Online Bonus Saver, 18 Month Telephone Fixed Rate Bond, Fixed Rate Bonds, Kickout Bond,  Leap Account for children, Regular Saver ISA, Super Cash ISA and NSPCC Skipton Cash ISA.

Mortgages available include Buy to Let, Tracker, Fixed Rate and the Options Mortgage.

Insurance available include home insurance, Life Assurance, Over 50s Life Insurance Plan, Mortgage Payment Protection, Car Insurance and Income Protection.

Skipton Building Society Financial Results Year Ended 31/12/2010

Skipton made a profit after tax of £25.2 million (2009 £57.6 million)

Mortgage completions amounted to £481m, an increase of 18%. Impairment losses on loans and advances reduced by £29m, from £44m in 2009 to £15m in 2010. The arrears performance of the Skipton Group’s residential mortgages has improved, with a reduction from 1,522 to 1,376 in the number of cases where the arrears balance was greater than 2.5% of the total outstanding balance, representing 1.57% (2009: 1.57%) of the book. The performance of the Society’s residential mortgages remains good with only a modest increase in arrears during the year. At 31 December 2010 there were 540 cases (0.77%) where the arrears balance was greater than 2.5% of the total outstanding balance, compared with 411 cases (0.52%) a year ago. During the year the Society took 86 cases (2009: 126) into possession, of which 35 cases (2009: 43) remained in possession as at 31 December 2010.

Savings - Excluding £188m of retail deposits that were transferred to the Society at the date of the merger with Chesham, the Society saw a net outflow of £1,268m in the period (2009: inflow of £714m). The net outflows during the year reflect the Group’s strategy to shrink the balance sheet and manage down levels of expensive retail funding.

Within the treasury investments portfolio, the Group has no direct sovereign exposure to Greece, Ireland, Italy, Portugal or Spain (‘GIIPS’) as at 31 December 2010. The Group does have £38m of senior debt exposure to financial institutions based in Ireland.

Skipton Building Society Directors.

Non Executive Directors – Mr A I Findlay, Mr C N Hutton, Mr P R Hales, Ms A B E Kinney, Mr P J S Thompson and Mr W R Worsley.

Executive Directors - Mr D J Cutter and Mr R J Twigg.

Other information – 125,182 borrowing members and 692,191 investing members.

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