Technology supports $130 billion Mortgage Book
JADE SOFTWARE CORPORATION NEWS RELEASE
Christchurch, 4 August 2006:
Jade technology supports $130 billion Mortgage Book in the United Kingdom
Jade Software Corporation, the New Zealand information services provider, today announced that JADE technology now supports a mortgage book of nearly £44 billion (over NZD$130 billion at present exchange rate) in the United Kingdom.
This £44 billion well exceeds the total value of residential mortgage lending by all the registered banks in New Zealand, which on 31 July 2006 stood at $120,097 million.
Managing Director of Jade Software, Dr. Rod Carr said; “Our United Kingdom client the Skipton Group, recently announced its half-year result to 30 June 2006. The group comprises the Skipton Building Society and its 17 subsidiaries. One of the highlights of the announcement was that the Skipton Group is now managing mortgages of £44 billion, and mortgages and savings in excess of £50 billion.”
The Skipton Group, a cornerstone shareholder in Jade Software Corporation, reported that its assets grew 14.3 per cent over the last 12 months to £9.9 billion. On a year-to-year basis, the value of its mortgage assets increased 14.6 per cent and the group produced a pre-tax profit of £73.4 million, up from £38 million. Gross mortgage applications for the first half of 2006 totalled £1.3 billion, better than any previous half-year period.
Skipton Building Society is the 7th largest building society in the United Kingdom; it has a 20 year association with Jade Software Corporation. The building society was the first financial institution to base its entire operation on a single technology platform and today all its mission critical business systems run on the JADE technology platform. These include Skipton’s mortgage and investment administration, branch automation and call centre systems.
David Cutter, Skipton Building Society’s Operations Director attributes its technology partner Jade Software Corporation as a key factor in reducing costs and helping Skipton provide services that retain existing customers and generate new sales.
“The scale of Skipton’s operation has enabled Jade to demonstrate the depth of our technology’s capability. The Skipton Group is a successful and substantial enterprise. Our association with them has validated Jade’s technology and capabilities,” Dr Carr said.
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