Building Societies
Building societies exist in Britain, Ireland and several Commonwealth countries. They are similar to credit unions in organisation, though few enforce a common bond. However, rather than promoting thrift and offering unsecured and business loans, their purpose is to provide home mortgages for members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. In the United Kingdom, regulations permit up to half of their lending to be funded by debt to non-members, allowing societies to access wholesale bond and money markets to fund mortgages. The world's largest building society is Britain's Nationwide Building Society.
Read more about this topic: Cooperative Banking, Institutions
Famous quotes containing the words building and/or societies:
“The limits of prudence: one cannot jump out of a burning building gradually.”
—Mason Cooley (b. 1927)
“It is fatally easy for Western folk, who have discarded chastity as a value for themselves, to suppose that it can have no value for anyone else. At the same time as Californians try to re-invent “celibacy,” by which they seem to mean perverse restraint, the rest of us call societies which place a high value on chastity “backward.””
—Germaine Greer (b. 1939)