This year’s conference takes place against a background of unprecedented change in, and challenges for, the building society sector.  Confronted by hostile market conditions - the lowest interest rates for at the least the 316 year history of the Bank of England, and the deepest post-war recession - and taxpayer subsidised competition from a range of large banking brands, societies have seen both savings and mortgage balances decline over the past year.  Add to that unwelcome mix a disproportionately large share of the bailout costs of the Bradford & Bingley and the Icelandic banks - a penalty on the prudence societies exhibited during the run up to the credit crunch - it is perhaps not surprising that societies have at times found it difficult to take advantage of the difficulties facing the banking sector.

Nevertheless, the mutual sector remains in good heart.  The sector has, generally, been able to sort out its own problems, rather than relying on the taxpayer; mortgage arrears are much lower than in the mortgage market generally and, judging by the line-up at this year’s annual conference, the ability of the BSA to attract a wide range of distinguished speakers to its events is undiminished. 

The subjects being covered suggest that we can hardly be accused of ducking the main issues.  Shared services and cost control are key challenges, potentially involving difficult decisions.  The outlook for the housing market session is one of the most important for societies, while looking at the range of business models in both the British and European financial markets is important in understanding our own strategic options.  The Question Time session returns to lead an hour of topical debate, followed by some outstanding examples of business organisation in the UK from the John Lewis Partnership and The Co-operative.  We conclude with a choice between the key disciplines of marketing and prudential regulation. 

As well as the speakers, don’t miss the business exhibition, the social events and the networking opportunities that these offer.  Also don’t forget that the conference is not only for listening – join in the debates, ask that difficult question of the Question Time panel that has been on your mind for months, and take advantage of the chance to exchange views with some of the top brains in our own sector and the outside world.  For those prepared to really take part in the conference the rewards are massive.

I look forward to seeing you in Manchester in May.