In the News: 2007 Archive
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23 November 2007 - Newcastle Permanent secures $330 million funding deal
In a first for an Australian building society, Newcastle Permanent announced today that it had sealed a $330 million bond issue deal with United States based investors.
Newcastle Permanent's Chief Executive Officer, Stephen Porges, said the financial strength and security of Newcastle Permanent was highly attractive to US based investors in the wake of lingering problems in the US economy.
"Internationally Newcastle Permanent is now being recognised as a very safe, strong institution.
"The extremely solid credit ratings that we hold, issued by internationally recognised ratings agencies, Standard & Poor's and Moody's, place Newcastle Permanent on equal terms to the mainstream regional banks in Australia.
"Given that these institutions have an Australia-wide operation compared to our Hunter, Central Coast and Mid North Coast, these ratings serve to underline just how secure Newcastle Permanent is
"Our mutual structure makes our offer an even more compelling one, and this was a factor in us exceeding our original expectation of a $100 million issue many times over.
"Besides the overwhelming vote of confidence in Newcastle Permanent, this placement will enable us to further diversify our funding base, and provide additional opportunities for us to grow our business, invest in the regions in which we operate and continue to develop and deliver innovative financial products and services
"The US money that we have been able to attract is a product of that market seeking secure, quality investment opportunities. It is also a vote of confidence in the Australian economy in general, and our regional economy in particular," Mr Porges said.
20 November 2007 - Newcastle Permanent's Charitable Foundation keeps community in touch
An essential but often unrecognised group of volunteers that makes a significant contribution to community safety has had its job made a little easier today thanks to Newcastle Permanent's Charitable Foundation.
In times of emergency, clear, direct and effective communication between the authorities and the various service and response groups that are involved in the emergency response is vital to community safety. This service is provided by the Citizen's Radio Emergency Response Team (CREST NSW).
CREST is affiliated with the NSW Volunteer Rescue Association and also provides traffic management services (road closures) to a range of community based events throughout the Hunter region.
CREST Newcastle is now the proud owner of a new mobile communications unit which was purchased with a donation from Newcastle Permanent's Charitable Foundation. The vehicle was handed over at a ceremony held at the Harbour Foreshore today.
Newcastle Permanent Chairman, Michael Slater, presented the keys to the new vehicle and noted that CREST's service to the community was possibly one of the most vital in times of crisis.
"We've had our fair share of emergency situations in the Hunter, some quite recent, and some, such as the earthquake that will remain part of our folk lore and identity.
"On each of these occasions, CREST has been on hand to coordinate and facilitate secure communication between the various groups involved in the emergency response.
"I am sure that many of you will remember that inconvenience of having minimal or no phone and Internet connection during the June long weekend event. You can imagine the consequences for the community's safety that weekend if the various emergency response groups had been without an independent communication system.
"Newcastle Permanent's Charitable Foundation was approached by CREST to assist them to purchase this new mobile communications' unit and was delighted to respond, seeing this as an essential community service."
Operations Director of CREST NSW (Newcastle Division), Evan Longworth, said that the organisation was delighted with the Charitable Foundation's response to their request.
"In spite of the service that we provide, as a volunteer organisation, we rely on financial assistance from the community.
"We were facing many years of fund raising before we could afford to replace our aging vehicle, and if not for the generosity of Newcastle Permanent's Charitable Foundation, the efficacy and reliability of our services would have been severely compromised.
"CREST and the entire Hunter community should be grateful for the existence of the Charitable Foundation and for its selfless attitude towards supporting worthwhile causes," Mr Longworth said.
20 November 2007 - Newcastle Permanent connects the community
A project launched today by Newcastle Permanent Charitable Foundation and Red Cross Port Macquarie is designed to overcome the dangers of loneliness and isolation for members of the Mid North Coast community.
Known as Telecross, the program has been made possible by a donation from Newcastle Permanent's Charitable Foundation.
Telecross has been developed by Red Cross to provide a means of staying in touch with people throughout the Mid North Coast who are living alone, or in isolated areas. Each day Red Cross volunteers will make phone contact with people who are registered with Telecross. The phone contact is to check that these people are well and also to provide the opportunity for some form of social contact.
Newcastle Permanent Chairman, Michael Slater, said that the simplicity of the program was in stark contrast to the potential that it had to make a major difference in the lives of hundreds of people.
"It's an indictment of society that so many people who live alone have no-one that they can talk to regularly, despite the availability of innumerable forms of communication.
"We've seen tragic instances in recent times where people living alone have become sick, and because nobody is in regular contact with them, their health is compromised and in the worst cases, lives are lost.
"Newcastle Permanent's Charitable Foundation is delighted to assist Red Cross to develop and implement their Telecross program.
"We know that it has the potential to make a huge difference in the lives of many people, and it is our hope that this model is adopted throughout Australia."
Regional Manager Red Cross, Judith Lindsay, said that having Newcastle Permanent support the Telecross program was a wonderful result for Red Cross and for the Mid North Coast community.
"Red Cross has had many dealings with Newcastle Permanent over a number of years.
"Their readiness to support initiatives and projects that have a direct and positive effect on the community sets them apart as an organisation.
"We are delighted that their Charitable Foundation has lent its support to Telecross, which we believe will have a long term and widespread positive outcome for the Mid North Coast community."
In recognition of 2007 as the Year of the Life Saver, and to help get the Surf Life Saving season got off to a flying start, Newcastle Permanent Charitable Foundation has announced grants of $10,000 for each of the SLS branches on the North Coast, Mid North Coast and Lower North Coast.
The grants are to enable those branches to purchase essential life saving equipment.
Newcastle Permanent also announced today a continuation of its major sponsorship of each of the three branches.
In a first for Surf Life Saving on the Mid North Coast, major sponsorships of the three branches were negotiated in concert with Newcastle Permanent's opening of branches at Taree, Port Macquarie, Coffs Harbour and Forster last year.
Chairman of Newcastle Permanent, Michael Slater, said the initial sponsorship decision, and today's announcement by the Charitable Foundation was an example of mutuality in action.
"Newcastle Permanent has a long and proud tradition of supporting the communities in which we operate, and our partnership with Surf Life Saving on the Mid North Coast is an example of that.
"We are extremely pleased to be able to assist in the ongoing development of this vital community resource," Mr Slater said.
Responding on behalf of the branches, President of Surf Life Saving Mid North Coast, Dennis O'Sullivan, said that he was delighted that an organisation of the calibre of Newcastle Permanent was extending its support for Surf Life Saving.
"Newcastle Permanent has a long term association with Surf Life Saving in the Hunter and Central Coast regions. Their support has helped to make a major difference to the quality of the services that our branches can provide.
"Lower North Coast branch won Branch of the Year award for the 2006/2007 season, due in no small part to the support that Newcastle Permanent provided.
"Each of the clubs in the branches benefits directly from the sponsorship through training support, equipment purchases and a myriad of services that the branch might otherwise not be in a position to provide.
"The real beneficiary is the community who use the beaches and in this idyllic stretch of coast line, there'd be very few people who weren't beach goers.
"On behalf of the Lower North Coast, North Coast and Mid North Coast branches, I thank Newcastle Permanent for their ongoing support and for their generosity in marking our celebratory year with this additional funding.
"This is a wonderful demonstration of corporate citizenship by a fabulous organisation."
13 November 2007 - Newcastle Permanent delays rate increase
Newcastle Permanent announced today that it would again delay passing on the Reserve Bank's latest official rate increase to home loan borrowers.
Newcastle Permanent's Chief Executive Officer, Stephen Porges, said that only the official rate increase of 0.25% would be passed on to our variable home loan members and it would be delayed until 1 December, with the revised home loan repayment amount not coming into affect until January 2008.
"As a mutual, Newcastle Permanent always seeks to put our members first.
"We have saved our home loan members more than $3 million in interest payments by delaying interest rate increases in this way over a number of recent rate increases.
"By delaying this latest rate increase until next month, we are giving our borrowers time to make the necessary adjustments to their budgets.
"While we forego some income by delaying the increase, the benefit to our home loan members is the primary concern on this occasion, when many people with mortgages are feeling the pinch.
"Given the timing of this particular official increase so close to Christmas, we hope that this additional breathing space will be appreciated, especially by families."
"Home loan borrowers with Newcastle Permanent enjoy the dual benefits of our mutual structure and being with the financially strongest building society in Australia, with more than 100 years of history," he said.
13 November 2007 - Newcastle Permanent Math's Competition winners announced
The achievements of Year 5 and 6 students who participated in the Newcastle Permanent Mathematics Competition were recognised today at an awards ceremony.
This year almost 15,500 students from 248 primary schools in the Hunter, Central Coast and Mid North Coast took part in the competition which is now in its 27th year.
Outside the Department of School Education's Basic Skills tests, the Newcastle Permanent Mathematics Competition is one of the largest and most successful of its type in NSW, drawing participants from State, Catholic and Independent schools throughout the Hunter, Central Coast and Mid North Coast.
Three Year 6 students achieved a perfect score in the paper: Jackson EDMONDS from New Lambton South Public, Jin JIN New Lambton Public and Joey PICTON, also fro New Lambton Public. New Lambton Public's Yang Ming GOH was placed fourth.
In the Year Five division New Lambton Public students were again prominent. Annette WAI was the winner. Tome Davies was second. Megan BUCKNER from New Lambton Public and Timothy GUO from Wyong Public placed equal third.
Awards were also made to Year Five and Six students who performed strongly within the Department of Education and Training (DET) Divisions of Newcastle, Lake Macquarie, Maitland, Muswellbrook, Gosford, Taree and Coffs Harbour – those areas corresponding with the regions where Newcastle Permanent has an operational presence.
Newcastle Permanent Chief Executive Officer, Stephen Porges presented the awards and noted that the Mathematics Competition was one of Newcastle Permanent's longest running and most successful sponsorships.
"This is one of our most successful and important initiatives that engages with the community – something Newcastle Permanent's been doing now for over 100 years.
"The fact that 248 schools participated reveals that teachers see value in having their students test their numeracy skills.
"On behalf of Newcastle Permanent, congratulations to all the young people who participated and helped to make the 2007 Mathematics Competition a success, and in particular congratulations to the Award winners that we have recognized today. I would also like to thank their parents and teachers for the encouragement and mentoring.".
07 November 2007 - Newcastle Permanent short-listed for innovation award
Newcastle Permanent recently launched an innovative Internet banking security service called, VerifID.
VerifID, which was developed by a team from Newcastle Permanent, ValidSoft (Australia) and Sandstone Technologies, provides a valuable additional level of security for Internet banking users registered to the service, making third party payments.
This new Internet banking security service is receiving international recognition as a finalist in the prestigious ifs Financial Innovation Awards.
VerifID is a two-factor authentication service, which means that two different methods are used to authenticate a person's identity before a transaction is processed. Such services are mandatory in Europe and the United States for all financial institutions offering Internet banking.
VerifID constantly monitors Internet banking activity and will automatically request authentication for higher risk transactions. The transaction is verified via an automated phone call to a number nominated by the member when they register. This call provides a "once-only" VerifID code to safely complete the transaction.
In Australia, other financial institutions are currently using a mix between token and SMS two-factor authentication. However, these solutions are now being re-considered as they are limited in their effectiveness.
According to Stephen Porges, Newcastle Permanent's CEO, the new system was developed as part of the organisation's resolve to ensure the highest levels of service and security for members across all transaction channels.
"While Newcastle Permanent has seen a minimal level of fraudulent activity associated with online transactions, there is no question that this is becoming an issue," he said.
"We decided on a proactive approach in developing and rolling out VerifID. Our tests of the new system generated a very positive response from the sample group, so we've decided to make this service available to all members."
Stephen Porges is delighted with the recognition that VerifID has already received.
"To have VerifID short listed in the ifs Financial Innovation Awards is especially pleasing. It also highlights the fact that Newcastle Permanent is delivering world class products and services for our members."
Director of Corporate Relations and Communications at the ifs School of Finance, Gary Millner, said that the Financial Innovation Awards were firmly established as one of the most prestigious in the global financial services industry.
"Entries from organisations across the globe combined with a rigorous judging process mean that those who are short-listed, and especially those that win one of the award categories, can take pride in having truly excelled in the industry."
"Put simply, the awards provide a great opportunity for innovators in the financial services industry to gain recognition for their efforts."
"I wish Newcastle Permanent, along with all the other short listed finalists, the very best of luck."
Members wishing to register their Internet banking for VerifID should ask at their local branch or contact the Members Support Centre on 13 19 87. Read more about VerifID.
VerifID is a free service to Newcastle Permanent members.
Newcastle Permanent has announced that Michael Slater has been elected as the new Chairman of the Board.
The former Deputy Chairman, Michael Slater, succeeds Michael McDonald, who stands down after three years in the position. Mr Slater will start in the role from 1 November.
By virtue of his election, Mr Slater is also now the Chairman of Newcastle Permanent's Charitable Foundation and the Newcastle Friendly Society.
The incoming Chairman brings a wealth of experience and business acumen to the position. A qualified accountant and financial manager, Mr Slater is also highly experienced in due diligence and corporate governance matters He has served on the Board of Newcastle Permanent since 2002, and is a director of other successful Hunter based companies.
Mr Slater said that he was honoured to be elected and was looking forward to working with Newcastle Permanent's highly experienced management team as the organisation embarked on its next phase of growth and development.
"At the Annual General Meeting last week our CEO, Stephen Porges, spoke of Newcastle Permanent's strong financial and market position," Mr Slater said.
"Under our previous Chairman's direction, Newcastle Permanent has successfully positioned itself as a complete financial services provider.
"Newcastle Permanent is ideally placed to build on its $6 billion asset base, to reinforce its market position in the traditional areas of the Hunter and Central Coast, grow our presence in the Mid North Coast market and expand into new areas.
"Newcastle Permanent's success is based on respect for the needs of our members, supporting the communities we serve and sound prudential management," Mr Slater said.
Warren Elliott has been elected as Deputy Chairman.
26 October 2007 - Newcastle Permanent reports on record year
Newcastle Permanent has posted a record after-tax profit result of $38.9 million and a 15.5% increase in total revenue for the financial year ended 30 June 2007. These results were highlights of the Society's strong financial performance that was announced at the Annual General Meeting held in Newcastle today.
Chief Executive Officer, Stephen Porges, said that Newcastle Permanent's excellent result was achieved against a backdrop of rising interest rates, strong competition for both lending and deposits, and the increasing complexity and cost of regulation and compliance.
"As well as a record profit result, significant growth in lending and deposits saw our total assets increase by over 12% to stand at $5.78 billion at the close of the financial year. Overall, this is a significant achievement for a regionally-based organisation."
Mr Porges said that Newcastle Permanent's mutual structure provides a significant advantage relative to shareholder-based financial institutions like the big banks.
"Our mission is to provide value to members and their communities. This involves a range of benefits such as better interest rates on deposits and loans, lower fees and charges and extensive community support. Newcastle Permanent provides that support not only through our sponsorship programme but also through the work of our Charitable Foundation.
"We call the direct member benefit portion the "mutuality dividend", which is independently calculated by CANNEX – Australia's leading finance research firm. In 2006/2007, the Society provided $53.5 million in mutuality dividends to our members on a pre-tax basis.
"Our member satisfaction was recorded at 97% during the financial year which is further evidence that our members are aware of our focus on value and service and our support for their communities."
Speaking at the meeting Mr Porges noted that Newcastle Permanent had been recognised throughout the financial year with a number of awards for products and services, including being named as Building Society of the Year in Money Magazine's 2007 Consumer Finance Awards.
Future direction and growth were also key points in Mr Porges' address to members.
"We have also significantly expanded our Business Solutions team to meet a growing demand for these products and services. A range of specifically tailored business packages will be rolled out over the next 12 months to better meet the needs of business members.
"Throughout the year Newcastle Permanent has also invested in enhancements to our business capability to make the Society even more competitive at a time of growing pressure on operating margins within the financial services industry.
"These include the opening of four new branches, the introduction of a new credit card range and enhanced lending and deposit products. The Value + credit card product in particular has a five star CANNEX rating and one of the lowest interest rates in Australia.
"Key areas of focus for the future are continuing the expansion of our branch network, ongoing investment in the latest technology, introducing new products and services, providing greater development opportunities for our staff and investigating new distribution prospects to expand both our geographic reach and range of services.
"Newcastle Permanent is ideally placed to leverage our great financial strength and strong brand for growth, while remaining true to our core philosophy of mutuality by providing our members excellent service and a full suite of high quality, highly competitive products.
"Mutuality also underpins our continued commitment to providing support for the communities in which we operate. " Mr Porges said. "At a time when profits seem to be more important than people, and shareholders override the interests of staff and customers, our mutual structure is vital to our ongoing success and relevance.
"Overall, we are well positioned to play an increasingly important role in the economic development and growth of the Hunter, Central Coast and Mid North Coast which are among Australia's most dynamic regions. In addition, we are also exploring opportunities for further expansion into new regions," he said.
Newcastle Knights junior representative player, Brodie Hardman, has been awarded the 2007 Newcastle Permanent Knights Community Spirit Award for his work with young people living with a disability.
The hard-hitting forward with the Knights Jersey Flegg Squad (Under 20), has shown he has a softer side away from the field through his volunteer work. He is a mentor with Newcastle-based organisation, Response Services, which provides meaningful day programs for young people with a disability.
As the winner Brodie receives a trophy and a $500 Rapid Saver account from Newcastle Permanent.
Mr Stephen Porges, Newcastle Permanent's Chief Executive Officer, said the award embraced the organisation's core philosophy of commitment to the community and building the future of our region.
"The Newcastle Permanent Knights Community Spirit Award recognises players who are actively involved in activities that make a positive contribution to improving the quality of life for people across our region.
Newcastle Permanent is the major sponsor of the Knights Junior Development Program.
16 August 2007
- Coast Shelter receives Newcastle Permanent assistance
In 2006 Newcastle Permanent's Charitable Foundation responded to a call for assistance from Coast Shelter, the charity that runs the Donnison Street Outreach Restaurant.
The restaurant provides meals and opportunity for social support for the region's homeless and financially disadvantaged people. Their call on the Charitable Foundation was to enable them to expand the scope of their facilities at the restaurant to meet an ever growing need for their services.
To mark Homeless Persons week, in 2007, Newcastle Permanent's Charitable Foundation today made a second donation of $40,000 to Coast Shelter.
Chairman of Charitable Foundation, Michael McDonald said that the Foundation was very pleased to be able to assist the Donnison Street restaurant project
"The concept of the restaurant is an excellent example of the type of need that the Foundation was established to meet.
"The value of Coast Shelter's work through this facility is immeasurably valuable to the individuals in need, as well as to the wider community.
"Besides helping these disadvantaged people to better manage their lives, the restaurant is also working to positively address a range of other serious social issues that sadly and increasingly afflict all communities.
"The Donnison Street restaurant provides an invaluable service that the Charitable Foundation is proud to be associated with," Mr. McDonald said.
14 August 2007 - Newcastle Permanent delays rate increase
Newcastle Permanent announced today that it would delay passing on the Reserve Bank's latest official rate increase.
The Reserve Bank increased the official rate by 0.25% on 8 August.
Chief Executive Officer of Newcastle Permanent, Stephen Porges, said that while Newcastle Permanent would be passing on the increase, it would delay that until next month.
"Newcastle Permanent's strives to ensure that the interest of our members is always foremost in any decisions that we make. Absorbing the initial cost of this rate increase is just one of many benefits that members of the Newcastle Permanent enjoy.
"Accordingly, the rate increase of 0.25% will not be applied to Newcastle Permanent's variable rate loans until 1 September.
"Delaying the increase gives our members time to make any changes necessary to their budgets and household spending in order to accommodate this rise in official interest rates by the Reserve Bank," Mr Porges said.
"From 1 September a rate of 7.69% will apply to Newcastle Permanent's Real Deal Home Loan, making it one of the most competitive loans available."
The rate change represents a repayment increase of approximately $16 per month per $100,000 loan taken over 25 years.
Recreational boating in the Tuggerah Lakes area is set to be safer thanks to Newcastle Permanent's Charitable Foundation.
The Royal Volunteer Coastal Patrol (Tuggerah Lakes Division), which relies entirely on community support to fund the invaluable service that they provide, recently received a donation to enable them to replace the motor on their vessel, The Evans1.
Divisional Commander Wally Hufschmid, said that the Coastal Patrol was the only accredited marine rescue organisation operating on the Tuggerah Lakes system and relied heavily on the vessel.
"The Evans is a core part of our operations and service delivery for the large boating community that uses Tuggerah Lakes.
"We recently had to retire our second vessel, so the demands on The Evans are now going to increase significantly.
"Newcastle Permanent has yet again demonstrated the strength of its commitment to this community and its generosity is much appreciated and very timely with the start of the summer boating season approaching.
"We rely entirely on donations and fund raising efforts to continue our operations. Assistance such as this enables our volunteers to concentrate their efforts on delivering a service to the community – and to providing search and rescue coordination and support to the State authorities.
Newcastle Permanent's Charitable Foundation Chairman, Michael McDonald, said that the invaluable work of the Royal Volunteer Coastal Patrol was vital to the community's continued safe use of the Tuggerah Lakes waterways.
"The Charitable Foundation was pleased to approve this request. Newcastle Permanent has been part of the Central Coast community for 25 years and understands the region's waterways contribute immensely to the quality of life that people enjoy here.
"This donation will help to make those waterways that little bit safer for everyone, something we're delighted to assist with,' Mr McDonald said.
Since its establishment in late 2004, Newcastle Permanent's Charitable Foundation has donated over $3 million to 107 charities, community groups and other worthwhile causes throughout the Central Coast, the Hunter and Mid North Coast regions.
Applications for donations can be made to the Charitable Foundation for any worthwhile project, program or initiative that has the potential to provide benefits for the community. Further information, plus details on how to apply online or by phoning 02 4927 42167.
1The Evans is named in honour of Tuggerah Lakes Royal Volunteer Coastal Patrol's longest serving member, Wally Evans. Wally passed away in late July, but did see the boat repainted and with its new motor installed before he died.
09 August 2007 - Bunnings supports Regional Relief Fund
The Regional Relief Fund established by Newcastle Permanent after the June long weekend storm, received a further boost today with a donation from Bunnings.
Bunnings NSW and ACT stores from Grafton in the north, Albury in the south and as far west as Tamworth and Griffith held simultaneous sausage sizzles specifically to raise money for the Regional Relief Fund.
A total of $71, 338 was raised, and Bunnings State Coordinator Community Affairs, Alistair Anderson, today presented a cheque for this amount to Newcastle Permanent Chief Executive Officer, Stephen Porges.
The donation brings the total amount raised by the Regional Relief Fund to $4.5 million.
Accepting the cheque on behalf of the Regional Relief Fund, Mr Porges thanked Mr Anderson for his company's initiative and generosity.
"Local businesses were quick to respond to the region's call for assistance, and with stores in the Hunter and Central Coast, Bunnings could certainly be considered a local.
"However, the state-wide reach of their operations has enabled them to draw in funding from regions that were not affected.
"On behalf of the Regional Relief Fund, and the people affected by the extraordinary events of that weekend, our sincere thanks go to Bunnings for their donation, and for their genuine corporate citizenship in using their network to raise this money."
Bunnings' representative Alistair Anderson said that Bunnings was please to assist the community in this way.
"Besides this specific fund raising event, our store teams at Kotara, Maitland and Gosford are assisting affected schools in their areas to restore their grounds and facilities."
"We understand that the recovery will be a long and costly process, and we are proud to lend our support to that process."
30 July 2007 - More relief for Regional Charities
The Regional Relief Fund, established by Newcastle Permanent in the aftermath of the June long weekend storm, announced another round of donations today.
Canteen, whose King Street premises and contents were inundated with stormwater, will receive $30,000 to replace uninsured office equipment.
Wesley Mission has received $40,000 to assist them in setting up a telephone counselling service to support people affected by the storm and its consequences.
Newcastle Permanent Chief Executive Officer, Stephen Porges, said that both recipients provided invaluable community support.
"Canteen's ability to adequately provide services to their clients has been severely impacted by their losses. Their work is invaluable for both for young people suffering with cancer and their families and careers.
"This is just one of many examples where the loss and disruptions caused by the storm has long term consequences of which many of us would be completely unaware.
"Wesley Mission's proposed counselling service is another example of how the Fund is assisting in the recovery. While material possessions can eventually be replaced, the trauma of loss and stress caused by the storm is impossible to assess.
"The charities have repeatedly said that the call on their services in helping people to recover would be a long term proposition.
"The importance of having someone to talk to about your experiences can never be underestimated and Lifeline has an excellent track record in delivering services of this type, Mr Porges said.
"As with previous donations from the Regional Relief Fund, Canteen and Wesley Mission are both worthy recipients of our assistance."
24 July 2007 - Regional Relief Fund announces latest donations
The Newcastle Permanent established Regional Relief Fund, which was set up to provide assistance for people affected by the June long weekend storm and subsequent floods, has announced a further distribution of funds.
In this latest round, Nobbys Surf Club and Life Without Barriers have received funding. They join the Samaritans, The Salvation Army and St Vincent de Paul who had previously received donations from the Regional Relief Fund.
Spokesperson for the Fund, Newcastle Permanent Chief Executive Officer Stephen Porges, said the latest donations recognised the work done by Life Without Barriers and Nobbys Surf Club during and after the storm.
"Both of these organisations have been at the forefront of providing assistance, either immediately to people whose homes, cars and businesses were inundated with stormwater, or in the following days and weeks, assisting people to rebuild their lives and homes.
"The Regional Relief Fund raised almost $4 million dollars from corporate, business and individual donations, and the money, as we stated when the Fund was established, will continue to be distributed as quickly as possible to ensure that it meets immediate needs."
11 July 2007 - Newcastle Permanent's Regional Relief Fund distributes $2 million
The Regional Relief Fund, established by Newcastle Permanent in the days following the June long weekend storm and floods, has announced the distribution of more than $2 million to three charity organisations.
The Samaritans, St Vincent de Paul and The Salvation Army will each receive $680,000. These charities will join forces to assist those families and individuals most in need following one of the most devastating natural disasters to hit the Hunter and Central Coast regions.
The announcement was made following a meeting of the Regional Relief Fund's board of trustees, headed by Newcastle Permanent Chairman, Mr Michael McDonald.
The Fund has raised more than $3.5 million in recent weeks, thanks to the overwhelming generosity of individuals and businesses throughout the region.
Newcastle Permanent CEO, Stephen Porges said the three charity organisations will ensure there is an equitable distribution of money from the Regional Relief Fund to those most in need.
"Newcastle Permanent’s express intention in establishing this Fund was to enable the money to go to those most in need, and we are confident that this distribution will ensure these intentions are met.
"The Samaritans, St Vincent de Paul and The Salvation Army are at the forefront of the relief work, providing the greatest possible relief for the people of the Hunter and Central Coast affected by the storm and flooding," Mr Porges said.
The balance of the funds is expected to be distributed in the next few weeks.
Donations to the Fund have now closed.
20 June 2007 - Regional Relief Fund assists charities
Four regionally based charities that are at the forefront of providing relief and assistance to people affected by the June long weekend storm and floods received donations from the Regional Relief Fund today.
Newcastle Permanent's Chief Executive Officer, Stephen Porges presented cheques of $100,000 each to The Salvation Army, St Vincent de Paul, The Samaritans and Red Cross to assist them in their relief work.
Mr Porges said that while the water had receded, it would take many weeks or even longer for the Hunter and Central Coast's people to recover from nature's onslaught.
"Just driving around in Newcastle and Lake Macquarie and seeing the entire contents of people's homes sitting sodden on the footpaths awaiting collection is a very sobering experience.
"The work that the charitable organisations are doing to help these people put their lives back together is very important and heartening.
"We are delighted to be making this first distribution from the Fund, knowing that it will be used exactly as it was intended and will do the greatest amount of good for the people who have been affected by this natural disaster.
Newcastle Permanent established the Regional Relief Fund in the days after the long weekend storm and flood, and seeded the fund with a $250,000 donation from its Charitable Foundation. Lions Australia has contributed $50,000 from its Foundation.
Donations to the Fund have now closed.
13 June 2007 - Newcastle Permanent announces establishment of relief fund
Newcastle Permanent announced today that it would establish the "Regional Relief Fund" to assist victims of the June long weekend storm and associated flooding.
A donation to the fund of $250,000 has been made by Newcastle Permanent Charitable Foundation.
Chief Executive Officer of Newcastle Permanent, Stephen Porges, said the scale of the disaster required a coordinated, region-wide response to ensure that all cases of need could be adequately identified and addressed.
"While it is still too early to determine exactly what the clean up and recovery is going to cost, we felt that it was important to create a vehicle such as this that could be used to attract donations from people and businesses that wanted to assist those affected by the storms.
"All money raised by this fund will be distributed to the many charities and relief organisations who have been, and in many cases still are, involved in assisting people in the Hunter Valley and Central Coast to rebuild their homes and lives.
"These charitable groups, with staff and facilities on the ground, are best placed to ensure that the money raised will be used directly for those most in need as a result of this natural disaster," he said.
Mr Porges said that Newcastle Permanent was working with the Federal government to set up the appropriate tax status for the fund.
"Once this in place, people will be able to make donations through Newcastle Permanent branches.
"I encourage other corporates and businesses to join with Newcastle Permanent in ensuring that this fund can make a real difference in the recovery process."
06 June 2007 - Newcastle Permanent judged the best in Australia
Newcastle Permanent has taken out the coveted Building Society of the Year award in Money Magazine’s 2007 Consumer Finance Awards.
The results of the 2007 Awards, published this week in Money Magazine, saw Newcastle Permanent take first place in the Building Society of the Year category.
The Awards are made each year on the basis of information provided by CANNEX, Australia's leading independent financial products and services analyst.
Newcastle Permanent’s Chief Executive Officer, Stephen Porges, said that the award was a resounding confirmation of the superior value that Newcastle Permanent represented for all financial services.
"The Building Society of the Year award is based on an assessment of an organisation’s complete range of products and services.
"Winning the Building Society of the Year award highlights the excellent value that Newcastle Permanent's products and services offer and provides an independent endorsement of the competitiveness of Newcastle Permanent in the market.
"It also demonstrates that while Newcastle Permanent is a regionally-based financial services provider, in terms of outright value, our products and services are more than a match for anything available throughout Australia.
"When our mutual status and subsequent level of community support is factored in to our product offering, the case for selecting Newcastle Permanent as your preferred financial services provider is now beyond question," Mr Porges said.
25 May 2007 - Newcastle Permanent's new CEO takes up appointment
Newcastle Permanent's newly appointed Chief Executive Officer, Mr Stephen Porges, will start in his role on Monday 28 May 2007.
Mr Porges brings significant financial industry and management experience to the position, having spent the last 20 years working in international and investment banking.
He has worked in all significant global capital markets and acted in an advisory role with various global investment groups and also has particular experience in developing strategies to position and grow companies.
Mr Porges has also spent seven years working in New York, as Managing Director and Head of Equity Sales and Relationship Management for HSBC Investment Bank.
"Newcastle Permanent Chairman, Mr Michael McDonald said Mr Porges was joining Newcastle Permanent at a time when total assets have broken through the $5.5 billion mark.
"This financial strength provides us with an ideal platform for growth. Given Stephen’s proven business acumen and wide experience in management and international financial markets, we look forward to an exciting period in the life of this organisation.
"While our mutual structure has underpinned the operating philosophy of the Newcastle Permanent and will continue to be a significant factor in our success, the past few years have seen a significant transformation of Newcastle Permanent into a modern financial services provider
"Given this level of financial strength, combined with the experience of Mr Porges, the Board is confident of a strong and prosperous future for Newcastle Permanent," Mr McDonald said.
Mr Porges said that he was honoured to be joining an organisation that is such a vital member of the regional community.
"The Board and management team have done a wonderful job in developing an incredibly robust and stable community-based banking alternative to that provided by the traditional shareholder driven groups. It is an honour to have the opportunity to lead this organisation in its next stage of development.
"We are now in a position to not only give so much back to our members and the region, but also to ensure the financial services and products we provide are more personalised and higher quality than that provided by the mainstream banks. I see this as the ultimate win/win banking option for the region," Mr Porges said.
08 May 2007 - Perm and NBN deliver early Mother's Day gift for the Hunter
The women of the Hunter received a special Mother’s Day gift today, thanks to Newcastle Permanent's Charitable Foundation and NBN television.
Two newly refurbished mobile breast screening units were officially entered back into service today by Newcastle Permanent’s Charitable Foundation Chairman, Mr Michael McDonald and NBN Television's, Mike Rabbitt.
Hunter Breast Screen was one of the Charitable Foundation’s inaugural recipients when an application for funding to refurbish the two mobile units was approved.
The Hunter is fortunate to have two mobile units available for deployment by Hunter Breast Screen. Both units were originally purchased with community funds from NBN Telethons, the first in April 1989, and the second in October 1991.
Hunter Breast Screen pioneered the use of mobile units to enable women in rural and remote communities to access this vital service. Over 250,000 free screening mammograms have been performed in these units since they commenced operating.
Charitable Foundation Chairman, Mr Michael McDonald, said that the Foundation was delighted to assist Hunter Breast Screen in refurbishing these invaluable resources.
"The condition of the interiors of the units had begun to detract from the advanced technology used and from Hunter Breast Screen’s pursuit of high quality service delivery.
"Breast Cancer specialists reinforce the message that a positive attitude to the entire screening process is essential in generating satisfactory outcomes, and in the encouragement of return visits. Regularity of mammogram screenings is essential in combating breast cancer.
"It is fitting that two regional icons in Newcastle Permanent and NBN Television should partner in delivering these refurbished units and access to this fantastic service for the women of this region.
"This is one of 92 worthwhile projects that the Foundation has supported since it was first launched in August 2004," Mr McDonald said.
To book a free, high quality screening mammogram simply call 13 20 50.
04 May 2007 - Newcastle Permanent announces new CEO appointment
The Newcastle Permanent has announced the appointment of a new Chief Executive Officer, Mr Stephen Porges.
Announcing the appointment, Newcastle Permanent Chairman, Mr Michael McDonald, said that Mr Porges brings significant financial industry and management experience to the role.
"Stephen Porges has spent the last 20 years working in international and investment banking. He has worked in all significant global capital markets and acted in an advisory role with various global investment groups and also has particular experience in developing strategies to position and grow companies.
"He has also spent seven years working in New York, as Managing Director and Head of Equity Sales and Relationship Management for HSBC Investment Bank.
"Mr Porges joins Newcastle Permanent at a time that our total assets have broken through the $5.5 billion mark. This financial strength provides us with an ideal platform for growth.
"With his business acumen and wide experience in management and international financial markets, we look forward to an exciting period in the life of this organisation.
"While our mutual structure has underpinned the operating philosophy of the Newcastle Permanent and will continue to be a significant factor in our success, the past few years have seen a significant transformation of Newcastle Permanent into a modern financial services provider
"Given this level of financial strength, combined with the experience of Mr Porges, the Board is confident of a strong and prosperous future for Newcastle Permanent," Mr McDonald said.
Mr Porges said that he was honoured to be joining an organisation that is such a vital member of the regional community.
"The Board and management team have done a wonderful job in developing an incredibly robust and stable community-based banking alternative to that provided by the traditional shareholder driven groups. It is an honour to have the opportunity to lead this organisation in its next stage of development.
"We are now in a position to not only give so much back to our members and the region, but also to ensure the financial services and products we provide are more personalised and higher quality than that provided by the mainstream banks. I see this as the ultimate win/win banking option for the region," Mr Porges said.
Mr Porge's appointment will be effective from 28 May 2007.
12 April 2007 - Newcastle Permanent scores highly on 5-star ratings
Newcastle Permanent has retained its top ranking as a provider of excellent value lending products in the latest CANNEX Mortgage star-ratings analysis.
CANNEX is an independent agency that assesses a wide range of mortgages available in Australia and ranks them on the basis of interest rate and features. CANNEX employs a star-rating system, with the top 5% of all mortgages in their type classed as 5-star, grading to 1-star for the less appealing products.
In their first star-rating analysis for 2007, CANNEX assessed 2,300 mortgages from 150 providers.
Newcastle Permanent has been awarded a 5-star rating for 11 of its mortgage lending products, the highest number of 5-star rankings of any major financial services provider.
Chief Executive Officer of Newcastle Permanent Fraser Read-Smith said that Newcastle Permanent was delighted to have maintained its premier position in terms of the number of mortgage products with a 5-star rating.
"As an independent agency with many years experience in assessing the true value of mortgage products, a CANNEX endorsement means that the particular product has been subject to a rigorous evaluation and has passed that test.
"With CANNEX ranking eleven Newcastle Permanent mortgage products as 5-star, the value that Newcastle Permanent represents for existing members and prospective borrowers is clear.
"It is also noteworthy that the 5-star ratings are across our entire home loan range so both owner occupiers and investors can benefit from the value that these products represent.
"Anyone in the market for a mortgage would be well advised to consider the CANNEX findings as the first step in researching the best product to suit their purposes."
04 April 2007 - Newcastle Permanent increases community commitment to $30 million
Newcastle Permanent Charitable Foundation's ability to meet the growing needs of charities, community groups and worthy causes was increased today when Newcastle Permanent announced it would increase its commitment to the Foundation by a further $10 million over three years.
This brings the total commitment to $30 million.
Newcastle Permanent Chairman Mr Michael McDonald said the $10 million commitment added to the original $20 million that Newcastle Permanent pledged to the Charitable Foundation in 2004.
"Newcastle Permanent's intention in creating the Charitable Foundation was to enable us to extend the range and scope of our support for the community.
"When we launched the Foundation in August 2004, Newcastle Permanent expressed a hope that as awareness of its existence and intention grew, we would generate requests for donations from a wide range of charities, community groups and similar organisations.
"That hope has been realised.
"To date the Foundation has donated over $2.5 million to more than 90 organisations. In every case, irrespective of the amount of funding that was requested, the recipients have told us that without the Charitable Foundation's assistance, their project would not have been possible," Mr McDonald said.
"It is also important to note that in each of those 90 cases the primary beneficiary is our community because each of the recipients is now able to enhance the quality of life for the people that they are assisting.
"We are seeing an increasing number of applications and each of them has merit. It is clear that there is a significant unmet need for funding in our community and this is one of the drivers for Newcastle Permanent to make this additional donation to the Foundation.
"Newcastle Permanent's advertising carries the slogan 'Here for good'. The work of the Foundation is just one example of how that phrase is realised. As a mutual, it is also a part of the return that Newcastle Permanent makes to its members. It is a return that we are proud to make."
04 April 2007 - Charitable Foundation announces $340,000 in donations
Newcastle Permanent's Charitable Foundation has approved donations totalling $340,000 in its latest application round.
This latest round of donations brings the total distribution by the Foundation since its launch in August 2004 to $2.5 million.
Charitable Foundation Chairman Michael McDonald said the recipients of this round were based throughout the three main areas of Newcastle Permanent's operation: the Hunter, Central Coast and Mid North Coast.
"The funding applications were for quite a diverse range of programs and initiatives, highlighting the scope of the Foundation's increasing level of support back to the community.
"As an example we have assisted the Newcastle Cochlear Implant Centre to purchase a new vehicle and educational resources to better support their clients.
"The Leukaemia Foundation sought funding to establish a peer support group in each of the three regions where we operate and the Hunter Prelude Early Intervention Centre requested assistance to build a multi-sensory room for children with special needs in and around Kurri Kurri.
"In Port Stephens we have helped the Beacon Foundation to expand their Real Futures program which seeks to provide solutions to youth unemployment.
"Many of these requests are for programs that most people would know very little about, however, for the clients of the applicants, the funding can make a significant difference to the quality of life for them and their families.
"It might be reasonable to argue that this type of funding is really the province of governments. While that may be true, the fact is the need is not being met through that channel and the Charitable Foundation is the only hope for these people to secure assistance.
"Newcastle Permanent is proud to be in a position to meet this need and to assist in the delivery of these vital programs."
Charitable Foundation Donations - March/April 2007
26 March 2007 - New John Hunter branch is 50th for Newcastle Permanent
Newcastle Permanent has opened the 50th branch in its extensive network.
The latest branch, located in the Royal Centre at John Hunter Hospital, is the ninth to be opened by Newcastle Permanent in the past 12 months.
Chief Executive Officer of Newcastle Permanent Fraser Read-Smith said that the John Hunter branch would provide an essential service to the more than 3,500 employees who work on the hospital campus.
"The hospital campus is equivalent to a small town, in terms of the number of employees.
"Our research has shown that a retail financial services outlet ranks high on a priority list for people and we are delighted to be providing this service for staff and visitors to John Hunter.
"As well as day-to-day financial services, the new branch also has an ATM, offering 24 hour, seven day access for staff and people visiting friends and family in hospital.
"We know that many will appreciate the convenience of not having to leave the campus during their working day to conduct financial transactions.
"In spite of a trend away from face-to-face service by many financial service providers, Newcastle Permanent remains committed to having a branch presence and we see the provision of this new branch as a logical extension of that philosophy."
The Royal Centre branch will be open from 9am to 5pm each week day, and from 9am to noon on Saturdays.
13 March 2007 - Newcastle Permanent expresses sympathy
Newcastle Permanent has expressed its shock and dismay at the death of local businessman and shop keeper Frank Newbery.
Chief Executive Officer of Newcastle Permanent Fraser Read-Smith said that Frank had been a good neighbour to Newcastle Permanent for many years and a friend to generations of Newcastle Permanent staff.
"We are all shocked at what has happened, especially since this has seemingly occurred during normal business hours. He will be sorely missed by us all."
Mr Read-Smith said that Mr Newbery's generous and caring nature were values that struck a chord with Newcastle Permanent.
"We extend our deepest sympathies to his friends and associates and urge anyone with information, however minor it may seem, to contact the investigating police.
"For the sake of this community we need this matter solved as a matter of urgency."
08 March 2007 - Newcastle Permanent posts record half-yearly results
Newcastle Permanent has achieved a record half-yearly result.
Continuing a trend that was set with record results for the 2005-06 financial year, after-tax profit is up by 13.5% and lending has grown by 13%. Total assets stood at $5.4 billion as of 31 December 2006, a 13% increase on the corresponding period in 2005-06.
Newcastle Permanent's Chief Executive Officer Fraser Read-Smith said that in the context of a fiercely competitive lending market and a slow down in housing market growth, the increase in lending was especially pleasing.
"The quality of Newcastle Permanent's lending products and our superior value proposition puts us in a very competitive position in the market.
"Newcastle Permanent is a serious competitor for the major banks across the financial product and services range and these results show that our members also think the same. Our results compare favourably to other regional financial institutions throughout Australia.
"Our deposit and investment accounts are also proving highly competitive. In the first six months of the 2006-07 financial year we have grown our total retail deposits by almost 10%.
"Importantly, other key operational indicators such as our liquidity ratio, cost to income ratio and capital adequacy remain strong, reinforcing Newcastle Permanent's position as Australia's financially strongest building society.
"Similarly, our overall credit quality remains very high with loan arrears levels well below industry averages.
"In the six month period reported on, Newcastle Permanent has also expanded its branch network with four new branches at Woy Woy, Waratah, Forster and The University of Newcastle, while a fifth branch will open at John Hunter Hospital by the end of March.
"While our members appreciate access to additional branches, especially at the University and Hospital campuses, another positive is the growth in regional employment opportunities that these extra branches present.
"Newcastle Permanent's return to the community is also increasing. During 2006 over $1.2 million was donated by our Charitable Foundation to 32 different organisations in the Hunter, Central Coast and Mid North Coast. This is in addition to the significant level of sponsorship that Newcastle Permanent is involved with across our areas of operation.
"The net effect is an increase in the quality of people's lives throughout our community, an outcome that we are extremely proud to have contributed to."
Mr Read-Smith said that Newcastle Permanent was well placed to match or exceed the previous financial year's results.
12 Feb 2007 - Funding workshop planned for community groups
Since September 2005, when financial services provider Newcastle Permanent opened its first Mid North Coast branch at Taree, the Newcastle Permanent's Charitable Foundation is helping to make a major difference in communities on the Mid North Coast.
In that time, over $260,000 in donations has flowed from the Charitable Foundation to community groups in the region.
The Red Cross's Telecross Project, Ronald McDonald Beach House Forster, Diamond Beach Rural Fire Service, the Royal Volunteer Coastal Patrol and Mission Australia are just some of the groups that have received donations for projects, programs and initiatives.
The Charitable Foundation is conducting a workshop in Taree on Tuesday 6 March 2007 and is calling on community groups, charities and community-based organisations that need funding assistance to register for this workshop.
The workshop is designed to provide groups with information about the Charitable Foundation, the funding application process, how to complete your application and how to meet Deductible Gift Recipient (DGR) status.
Whether your group has a project that needs funding or has an idea for a project, program or initiative, whether you have DGR status or would like to know how to go about getting it, the Charitable Foundation workshop is something that you should consider attending.
Chairman of Newcastle Permanent Charitable Foundation Michael McDonald said that the Foundation's primary goal is to provide funding to meet a wide range of community needs, as long as the application for funding can meet the various eligibility criteria and can demonstrate that the proposal will deliver a benefit for the community.
"We now have branches at Taree, Forster, Port Macquarie and Coffs Harbour. As we have done in the Hunter and Central Coast, our goal is to become part of the Mid North Coast community and the Foundation provides a means for us to extend our association beyond the provision of day-to-day financial services."
The workshop will start at 11 am on Tuesday 6 March 2007 and runs for approximately two hours. To register your interest in attending or to find out more detail on the Charitable Foundation and/or the workshop, call Felicity Wood on 4927 4220 or email mailto:foundation@newcastlepermanent.com.au.
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