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Annual Report - 1975
 
The 1975 Report stated that "negotiations are continuing regarding the setting up of a Trustee Savings Bank". Reference was made to the fact that the relevant legislation was originally expected to see the BMB becoming a TSB in 1975, but was now expected to happen twelve months later. In the event, the BMB became the Birmingham Municipal Trustee Savings Bank on March 31st/April 1st 1976; thus the 1975 Report is the penultimate (and 56th) edition. The Committee are able to report an annual surplus in excess of 1-million - this result emanates from a substantial increase in Interest Receivable (up 1,263,701) whilst Interest Allowed to Depositors increases 371,795. The surplus achieved benefited from the margin earned on an increase in Deposit Balances of almost 8-million. The rates of interest paid to Depositors remained the same as the previous year, but the notice requirement on the 2nd Tier was reduced from six months to three. The rate charged on variable mortgages was increased to 11%. The market value of securities improved over the year by 5.6-million but is still more than 10-million below book value. The new Auditors (Price Waterhouse & Co) annotate the accounts with a simply worded certificate, in contrast with the comprehensive statement provided in previous years by Agar, Bates. The notes to the accounts now include substantial details of the Bank's Accounting Policies. The Committee report that 64 branches, and 445,000 accounts, have been taken onto the computer system, and that a new branch has been opened at Boldmere.
 
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Published  Report (cont.)