HC Deb 13 April 1973 vol 854 cc381-2W
Mr. Skeet

asked the Chancellor of the Exchequer if he will indicate the extent of building society reserves as a percentage of total assets at the latest date for which figures are available, and the statutory requirement.

Mr. Nott

Preliminary estimates for 1972 indicate that building societies' reserves at the end of 1972 amounted to 3.6 per cent. of their total assets. The statutory requirements for societies with trustee status is that their reserves must not be less than 2½ per cent. of any assets up to £100 million, 2 per cent. of assets between £100 million and £500 million, 1½ per cent. of assets between £500 million and £1,000 million and 1¼ per cent. of any assets over £1,000 million.

Mr. Skeet

asked the Chancellor of the Exchequer how much of building society lending in the past year was granted on mortgages in excess of £12,000.

Mr. Nott

The amount lent on mortgages over £12,000 is not readily ascertainable but it is estimated that in 1971 building societies lent about £3,650 million of which £200 million—that is, under 6 per cent.—was on mortgages over £13,000.