About ABS Building Society Ltd

Annual Report 2008

History of ABS Building Society

ABS Building Society Limited (ABS) was established in 1970 by a group of Armidale businessmen concerned that local funds were being lost to the area when invested with Banks and particularly other financial institutions outside the New England area. By establishing ABS the residents of New England had a choice of investing their money locally and in turn enabling the Society to on-lend those funds to residents of the area to buy or build their own home, thereby boosting employment in the local trades and stimulating the economy of the region. As repayments were made or loans repaid in full, those funds were re-lent to assist other borrowers to achieve home-ownership and thereby keep that money working within New England.

Being a mutual organisation, ABS depositors and borrowers are shareholders (members) in the Society. This allows the Society to operate for the benefit of its depositors, borrowers and the community it serves, unlike most of the non-mutual financial organisations that attempt to maximise profits.

During the past 30 years ABS has evolved to become a financially sound organisation offering a variety of investment products and borrowing options to its members.

Recently all Approved Deposit-taking Institutions (ADI's) came under the administrative control of the Australian Prudential Regulation Authority (APRA) and the legislative control of the Australian Securities Investment Commission (ASIC). This now allows ABS to operate throughout Australia.

As a measure of its financial strength ABS has a capital adequacy ratio (as measured by APRA) of almost three times the statutory minimum and more than twice that of the major banks which places the Society amongst the highest of ADI's in Australia.

Based in the New England Region of New South Wales, ABS is proud of its achievements and while growth has never been a priority, the Society continues to strive for financial strength and security and to offer its customers fast, friendly and efficient service.

While the role of ABS has changed from housing specialist to all forms of loans, including housing, investment, business, commercial and personal, as well as business overdrafts, the basic philosophy of harnessing funds in a safe and secure haven for the benefit of its members and the community it serves, remains unchanged.

ABS Building Society Ltd. Board of Directors
	RM Mills Chairman Director of Building Supply Company, Society Director for thirty-seven years.		PC Hanlan Deputy Chairman Director of Construction Company, Society Director for twenty-six years, member of Audit Committee.		LB Phillips Retired regional bank manager, Society Director for fifteen years, member of Audit Committee.
	Prof. ML Treadgold University Professor, Society Director for thirteen years.		LR Hardman Director of Motor Trading Company, Society Director for fourteen years.		PF Rose Chartered Accountant, Society Director for thirteen years, member of Audit Committee.
ABS Building Society Ltd. Management
	Roger Cracknell Chief Executive		Rod Rixon Deputy Chief Executive		Josie Bieber Chief Financial Officer
	Barry Tomkins Operations Manager		Wayne Wilby Lending Specialist		Rex Gream Office Manager

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ABS Building Society Ltd, ABN 84 087 651 938, BSB 630-000
Head Office 101 Faulkner St, Armidale, NSW - ph 1300 227 275- fax 02 6772 9274
email info@absbuildingsociety.com.au

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