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What’s happened over the last year

  • In March 2011, we announced policyholder payouts to be enhanced by 12.5% capital distribution. A major step in recreating policyholder value.
  • In May 2011, the Government published how their compensation scheme will work and compensation payments commenced in June.  They will take until June 2012 to contact all eligible policyholders.
  • In June 2011, we successfully completed the move of 350 administration staff back to the Society.
  • The economic climate over the last six months has been particularly volatile.  Our investment policy has been conservative and we have no direct exposure to Greece or Portugal, and relatively limited exposure to Ireland, Spain and Italy.