Access to wholesale markets allows the Group to smooth out variations in the supply of retail funds and reduces reliance upon traditional sources for all its funding needs.
Consistent with the legal status of the Society, at least 50% of funds are raised in the form of shares held by individual members of the Society via the retail product page.
Aside from statutory restrictions on the mix of share and deposit funding, access to wholesale funding sources can provide a number of important strategic advantages to the Society. In determining the wholesale funding strategy consideration is given to the objectives of flexibility, cost effectiveness and availability of funds and the implications for Liquidity.
Maintenance of the Society's financial strength, credit ratings and reputation ensures the ready availability of wholesale funds in the future. The Society aims to raise wholesale funds from a wide variety of sources in order to reduce dependence and potential concentration on any one market or grouping of investors.
|Senior Unsecured||Short Term|
All ratings stable