Country by country reporting
The Capital Requirements (Country-by-Country Reporting) Regulations 2013 introduce reporting obligations for institutions within the scope of the European Union’s Capital Requirements Directive (CRD IV). The requirements aim to give increased transparency regarding the activities of institutions.
Leeds Building Society is the fifth largest building society in the UK with 65 branches throughout the country as well as offices in Gibraltar and Dublin, total assets of £11.2bn and 714,000 members. Leeds Building Society is a member-owned mutual, providing residential mortgage and savings products to its customers. This core activity delivers the significant majority of operating profit and is supplemented by the provision of financial advice, investments and insurance products, as well as other financial services products, such as cheque accounts and credit cards.
The consolidated financial statements of the Leeds Building Society Group include the audited results of the Society, its subsidiary undertakings and a number of securitisation entities. The consolidated entities and their principal activities are detailed in note 16 to the Annual Report and Accounts for the year ended 31 December 2013. All of the consolidated entities were incorporated in the United Kingdom (UK), with the exception of Leeds Overseas (Isle of Man) Limited which is registered in the Isle of Man. In addition Leeds Building Society has branches in both Spain and the Republic of Ireland.
For the year ended 31 December 2013:
- Group total income was £177.3m, of which £175.4m arose in the UK and £1.9m in relation to the Society’s Euro lending in the Republic of Ireland & Spain.
- The average number of Group full time equivalent employees was 907, of which 896 was in the UK, 8 in the Republic of Ireland and 3 in Gibraltar.
- The country-by-country reporting obligations for subsequent financial years will be met via a disclosure in the Annual Report and Accounts.