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REGISTRAR of Bltilding SOCIETIES VICTORIA Report of the REGISTRAR OF BlTILDING SOCIETIES for the Year ended 30 June 1984 Ordered by the Legislative Assembly to be printed MELBOURNE F D ATKINSON GOVERNMENT PRINTER 1985 No 12. VICTORIA BUILDING SOCIETIES Seventh Annual ReJXlrt of the Registrar for the financial year ended 30 June 1984 The Honourable the Minister of Housing This reJXlrt, which is submitted pursuant to the provisions of section 113 of the Building Societies Act 1976 (No. 8966), relates to the period 1 July 1983 to 30 June 1984. A statistical and graphical summary of the operations of Permanent Building Societies and the Building Societies General Reserve Fund, to the close of the year under review, is presented in the supplement to the reJXlrt. GENERAL The year to 30 June, 1984 has been most eventful. The progressive deregulation of the fmancial system continued, generating new OpfKlrtunities and challenges for all finan­ cial institutions and in particular, building societies. Although the initiative in this area lies predominantly with the Federal Government, the States have an imJXlrtant reSJXln­ sibility with respect to those insitutions which operate under State legislation. Victoria took the lead in this area when the Government established the Financial Institutions Review in December 1983. The ReJXlrt of the Review was submitted to the resJXlnsible Ministers, the Hon. R. A. Jolly, M.P., Treasurer, and the Hon. I. A. Cathie, M.P., Minister of Housing, in May 1984. As Chairman of the Review Steering Committee, I acknowledge the contributions of my colleagues on the Committee and the work of the Review Team, in particular that of the Consultant to the Review, Mr. M. E. Eyers. The Review was a major exercise in consultation and considered over seventy submissions. The task of the Review was to identify the present and JXltential future roles of building societies, credit societies, co-operative housing societies and industrial and provident societies; to recommend to the Government what JXllicies it should adopt in respect of those societies; and the broad legislative changes required to implement such JXllicies. With respect to building societies, the Review made a series of recommendations relating to diversification, capital structure, a secondary mortgage market, interest rate regulation and the need for direct participation of building societies in the payments system. The ReJXlrt also made a series of recommendations relating to legislative reform, comple­ mentary State legislation and the restructuring of Government involvement. It is expected that a new Building Societies Act will be prepared for submission to Parliament in 1985. The Report formed the basis of a meeting of State Ministers and senior Government officials in Melbourne in June 1984. Following this meeting a National Working Group of Registrars was established to co-ordinate complementary State legislation. Building societies are major deJXlsit taking intermediaries servicing the household sector. They have a central role in the supply of housing finance and their ongoing viability is an imJXlrtant concern of the Victorian Government. As the activities of domestic and foreign banks become increasingly deregulated it is imJXlrtant that unnecessary restrictions on societies are also removed. By working in close consultation with the industry, the Review has developed a series of recommendations which should ensure the continued competitiveness and viability of the building society industry. As I have noted, the Financial Institutions Review has made a series of recommendations directed towards restructuring Government involvement in the regulation of the building society industry. It is a key comJXlnent of the Victorian Economic Strategy that regulation which is unnecessary for the achievement of Government objectives or which unduly reduces the efficiency of industry should be removed. The Review has submited that the Government should adopt three principal objectives in its regulation of building societies: 1. A legislative and prudential environment within which these financial institutions can compete efficiently to meet the needs of their members and the general public. 2. A system of prudential regulation which ensures that deposits made by members of the public with these institutions are safe. 3. A stable supply of reasonably-priced housing finance. It also makes a series of recommendations directed towards the improvement of the regulatory system. It is intended that implementation of these principles will occur in the next twelve months following an organisational review. The acceleration in the process of deregulation has occurred at a time when pressure on lending interest rates has declined from the historically high levels of recent years. As a result, consultations were held in December 1983 between the Government and industry representatives, after which the ceiling on home mortgage interest rates was reduced from 14.15% to 13.5%. This further eased the burden of home ownership on the community and contributed to the major increase in activity in the housing market over the past year. My appointment to the position of Registrar was confirmed in December 1983 after I had acted in that capacity for some nine months. The year also saw the consolidation of the new Legal and Registry Division of which I am General Manager. This new structure, of which the Building and Housing Societies Branch is an important component, has allowed the application of various skills to issues of policy and procedure relating to building societies and the other societies regulated by the Division. An important role is played here by the Divisional Executive which functions as its corporate management group and as a forum for discussion of major issues. The new structure also includes a Research and Policy Branch. This Branch played a central role in the conduct of the Financial Institutions Review and on numerous other matters relating to building societies. During the year I sought to enhance my relationship with the industry in order to further develop effective channels of communication and consultation. I have had the opportunity to address representatives of the building society industry on many occasions and have bene fitted from numerous discussions. In particular. I note the contributions of the Building Societies Advisory Committee, the Victorian Building Societies Association and the Australian Association of Permanent Building Societies. Officers from the Building and Housing Societies, and Research and Policy Branches have also liaised closely with industry representatives and have attended a number of industry courses and seminars. This process is essential if both Government and industry are to maintain a sufficiently informed understanding of their respective roles and responsibilities. The past year has seen the foundation established for the wide range of changes which will be required both of Government and industry if the challenges of the future are to be met and the opportunities realized. REGISTRATION OF SOCIETIES, RULES AND DOCUMENTS On the Register at the beginning of the year 34 Registrations during the year Nil *Dissolutions during the year 1 *Transfers of engagements during the year 2 *On the Register at the end of the year 31 Alterations of rules 19 Special resolutions 8 Change of office 7 *Change of name 2 Charges 2 *For futher details see Supplementary Information I, 2, 3 and 4. 2 LEGISLATION AND REGULATIONS The Act and Regulations remained unchanged during the year. STATUTORY INSPECTIONS During the year the Legal and Registry Division of the Ministry of Housing was re­ organised with Mr. Peter Rogan being assigned to the position of Deputy Registrar of Building and Housing Societies. In the year under review the records of six permanent building societies were inspected on a routine basis and one society was inspected as a follow-up to a previous inspection. In addition, particular areas of the operations of two societies were investigated following complaints from the general public. The majority of societies' records inspected were of an acceptable standard although several minor breaches of the Building Societies Act 1976 were noted. An inquiry was held into the affairs of one society pursuant to the provisions of section Ill of the Act as the society had overdrawn its accommodation facility and its cheques were being dishonoured. As a result of this inquiry a liquidator was appointed to wind up and dissolve the society on the certificate of the Registrar pursuant to the provisions of section 76 of the Act. During the year, thirty-two recorded complaints were investigated. The grievances against individual building societies generally concerned calculation of penalty interest and arrears, insurance requirements and alleged lack of communication between societies and members. BUILDING SOCIETIES ADVISORY COMMITTEE At 30 June, 1984 the membership of the Advisory Committee which remained un­ changed throughout the year was as follows: Mr. W. J. Kilpatrick, B.A., LL.B, Registrar-ex-officio Chairman; Mr. R. B. Maybury, A.A.S.A., A.C.I.S., General Manager, Security Co-operative Permanent Building Society; Mr. R. V. Morris, A.A.S.A., Managing Director, Statewide Building Society; Mr. C. 1. Stewart, Managing Director, The RESI Permanent Building Society; Mr. D. H. Perkins, M.A., A.C.A., F.C.A. (Eng. & Wales), Chartered Accountant; and Mr. P. Coman, Assistant Director (Operations), Ministry of Consumer Affairs. The Committee met on seven occasions throughout the year and discussed several issues, some of which are outlined below. The General Reserve Fund is discussed sep­ arately in this report. Financial Affairs of Societies The Committee continued to monitor the liquidations of Twentieth Century Building and Investment Society and Castle Permanent Building Society as well as the affairs of other societies which gave grounds for concern. Following an inquiry pursuant to section Ill of the Building Societies Act 1976, a Certificate of Winding Up was signed by the Registrar with the approval of the Minister of Housing on 9 March, 1984 placing Athena Permanent Building Society in the hands of a liquidator.
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