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65-605: The Laganside Corporation was a non-departmental public body formed by the Laganside Development (Northern Ireland) Order 1989 with the goal of regenerating large sections of land in Belfast , Northern Ireland adjacent to the River Lagan . This development area was expanded in 1996 to include areas closer to the city centre. The Lagan riverside suffered in particular from poor environmental conditions and

130-616: A change in emphasis is contributing to the revitalisation of Belfast and Northern Ireland by transforming Laganside to be attractive, accessible and sustainable, recognised as a place of opportunity for all". Laganside Corporations aims closely followed the Urban Delivery Corporation model: The corporation was wound up in March 2007 and its responsibilities transferred to the Department for Social Development under

195-528: A comfort after the events of 1878. In that year the City of Glasgow Bank collapsed creating widespread financial uncertainty. In the event, funds flowed into the National in excess of its ability to find borrowers and it decided to deploy surplus funds in the north of England. Losses were incurred and the National confined its operations to within 100 miles of London. Elkington described the 30 years from 1890 as

260-702: A consortium of Deutsche Bank, Lloyds TSB and Antin Infrastructure Partners . The Santander Group announced in May 2009 that Abbey and the Bradford & Bingley branch network would be renamed under the Santander brand on 11 January 2010. Credit cards issued by Abbey were the first to change to Santander. The Abbey name was retained for the Abbey for Intermediaries mortgage division and was retained for

325-590: A cost-cutting exercise. Those jobs moved to Bangalore and Pune in India in 2003. Following the takeover by the Santander Group, the Gateshead operations also closed in March 2005. Investments were previously branded as Inscape, but were renamed Premium Investments in the end of 2008, provided by Santander Portfolio Management. This was subsequently subsumed into the more general telephony operations and

390-703: A full member of the Bankers' Automated Clearing Services (BACS) and became member of the BACS and CHAPS clearing systems. The stage was set for Abbey to end its mutual status and become a public company. In 1987, as a result of financial deregulation enshrined in the Building Societies Act 1986 and Financial Services Act 1986 which allowed financial institutions to own estate agencies, Abbey National launched its own estate agency chain; Cornerstone, purchasing many smaller chains and individual offices with

455-453: A management buyout backed by insurance company Provident Life for £8 million in August 1993. The 347-strong chain employed 1,800 staff and was subject to a write-down of £138 million in March 1993 following annual losses since 1989 of at c. £20 million. Having sold off around 280 branches in 1994, the remaining 70 branches of Cornerstone (although over 200 of the sold branches continued to use

520-646: A number of acquisitions in the 1990s, including James Hay , Scottish Mutual, Scottish Provident and the rail leasing company Porterbrook . Abbey National launched an online bank, Cahoot , in June 2000. In September 2003, the bank rebranded as Abbey, and in November 2004, it became a wholly owned subsidiary of the Spanish Santander Group , with a rebrand following in February 2005. In January 2010,

585-686: A period of consolidation with the Society always in the top dozen nationally. However, in the period after WW1 there was exceptional growth both for the industry and the National in particular. Over a 15-year period the advances of the Building Societies Association rose eight-fold whereas those of the National rose by a factor of twenty. The Abbey was founded in 1874 by members of the Free Church in Abbey Road and of

650-543: A small secretariat from the parent department, and any expenditure is paid for by that department. These bodies usually deliver a particular public service and are overseen by a board rather than ministers. Appointments are made by ministers following the Code of Practice of the Commissioner for Public Appointments . They employ their own staff and allocate their own budgets. These bodies have jurisdiction over an area of

715-411: A tarnished image. The chief executive, Ian Harley, a long-time Abbey employee, resigned and his post was filled by an outsider, Luqman Arnold. Arnold spearheaded a major reorganisation of the bank. The First National business was sold, with the car hire business sold to Lloyds TSB for £46 million, with the remaining business sold to General Electric for £848 million. In September 2003 the brand name

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780-459: A time for Abbey International before the latter was subsequently rebranded as Santander Private Banking. The Cater Allen , James Hay and Cahoot brands remained. Santander UK plc also retained the name Abbey National Treasury Services ltd ("ANTS") for the division responsible for managing its liquidity, risk management and wholesale banking needs. Abbey's registered office was in London (built on

845-605: A view to opening a new channel for selling mortgages and endowment policies. The Abbey National Building Society became the first of the United Kingdom building societies to demutualise , and became a public limited company as Abbey National plc on 12 July 1989. It was floated on the London Stock Exchange at £1.30 per share, resulting in an unusually large number of small shareholders – approximately 1.8 million initially. The demutualisation process

910-415: A year but during the housing recession of 1990-92 it lost over £50m and was closed. The range of services offered brought Abbey National ever closer to a clearing bank. In 1988, Abbey introduced a full-service interest-bearing cheque account; its administration was restricted by building society rules and the need to find a partner that could clear Abbey's cheques ( The Co-operative Bank ). Later, Abbey became

975-424: Is a tidal river the level of the water varied up to three metres between high and low tide. This exposed mudflats which were unsightly and emitted a strong odour, particularly in the summer months. The transformation of the riverside by the construction of the weir has been a catalyst for development along the riverside. Another part of the project is the "Lagan Lookout" centre which explains the history and function of

1040-580: Is located north of the Lagan Weir, between it and the M3 bridge. In February 2005 Laganside announced the Obel Tower , Northern Ireland's tallest building. Custom House Square Custom House Square improved the link between Laganside and the city centre. Cathedral Quarter The area around St. Anne's Cathedral is an important cultural centre. Non-departmental public body The term includes

1105-609: Is responsible for their costs and has to note all expenses. NDPB differ from executive agencies as they are not created to carry out ministerial orders or policy, instead they are more or less self-determining and enjoy greater independence. They are also not directly part of government like a non-ministerial government department being at a remove from both ministers and any elected assembly or parliament. Typically an NDPB would be established under statute and be accountable to Parliament rather than to His Majesty's Government . This arrangement allows more financial independence since

1170-569: The European System of Accounts (ESA.95). However, Statistics UK does not break out the detail for these bodies and they are consolidated into General Government (S.1311). Abbey (bank) The Abbey National Building Society was formed in 1944 by the merger of the Abbey Road and the National building societies. It was the first building society in the United Kingdom to demutualise , doing so in July 1989. The bank expanded through

1235-626: The bancassurance model. In August 1996, Abbey National took over the National & Provincial Building Society, which was itself the product of a 1982 merger between the Provincial Building Society and the Burnley Building Society . This merger increased Abbey National's branch network by almost two hundred branches and brought in three million more customers. In April 2000, Abbey bought Porterbrook from Stagecoach Group for £773 million. Porterbrook

1300-616: The law . They are coordinated by His Majesty's Courts and Tribunals Service , an executive agency of the Ministry of Justice , and supervised by the Administrative Justice and Tribunals Council , itself an NDPB sponsored by the Ministry of Justice. These bodies were formerly known as "boards of visitors" and are responsible for the state of prisons, their administration, and the treatment of prisoners. The Home Office

1365-403: The 1980s have contributed to many borrowers' mortgage terms being extended by up to 15 years. During this period – which saw considerable turbulence in interest rates – Abbey extended the terms on customers' repayment style mortgages without their knowledge. The Financial Ombudsman Service stated that Abbey customers may be eligible for compensation. As a result of

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1430-515: The Abbey Road Church Benefit Society. The chosen name of the society was the Abbey Road and St John’s Wood Mutual Benefit Building Society and it was launched in 1875. Three years later the Society registered under the Building Societies Act 1874 ( 37 & 38 Vict. c. 42) and the name was changed to the Abbey Road and St John’s Wood Permanent Building Society. In contrast to the high-profile public figures who founded

1495-544: The Abbey set aside £250m to stimulate the private homes sector. Thornton worked with Local Authorities to finance inner city renovation, one of the best-known examples being the loan of £3m to the Stockbridge Village Trust to help regenerate 4,000 houses on a rundown council estate in Knowsley . Abbey even formed its own private housebuilding company, Abbey National Homes, in 1986. It built 2-300 houses

1560-470: The Birmingham Society prompted a flood of other societies around the country, of which the National was one. In 1849 The Metropolitan Freehold Land Society was formed, led by such prominent MPs as Joshua Walmsley , Joseph Hume and above all Richard Cobden . An application was made to register under the 1836 Building Societies Act but the registrar refused to accept the name. Accordingly,

1625-1072: The EGMs of Abbey (95 per cent voted in favour, despite vocal opposition from most of those present) and Santander, the acquisition was formally approved by the courts and Abbey became part of the Santander Group on 12 November 2004. Francisco Gómez Roldán took over as chief executive from Luqman Arnold, who received a rumoured £5 million, made up of pay off and share options. Gómez-Roldán died suddenly in July 2006, three weeks before being succeeded by Antonio Horta Osorio. In June 2006, Abbey agreed to sell its life businesses to Resolution plc . The businesses sold to Resolution were Scottish Mutual Assurance, Scottish Provident Limited and Abbey National Life, two offshore life companies, Scottish Mutual International and Scottish Provident International Life Assurance Limited. Abbey retained all of its branch based investment and asset management business, James Hay, Abbey's self invested personal pension company and James Hay Wrap. In July 2007, Abbey admitted that errors that it made in

1690-591: The Estates”; those advances were not to exceed two-thirds of the net value and to be repaid over ten years. Because the Society was not legally allowed to hold land in its own name, in 1858 it formed a separate company British Land to take over all the land previously held in the name of the Trustees. All the capital was subscribed by the National’s own investors but although British Land was financially distinct, there

1755-555: The Labour government in office from 1997 to 2010, though the political controversy associated with NDPBs in the mid-1990s for the most part died away. In 2010 the UK's Conservative-Liberal coalition published a review of NDPBs recommending closure or merger of nearly two hundred bodies, and the transfer of others to the private sector. This process was colloquially termed the "bonfire of the quangos". NDPBs are classified under code S.13112 of

1820-514: The National from 1933 and chief executive of the merged group from 1948, resigned, as did Stanley Ramsey the “original architect” of the merger. Abbey National was now set for rapid expansion. By 1968, the branch network had reached 150 and assets exceeded £1bn. In the next ten years the business of four other societies was acquired: the Definite Permanent in 1968, The State Building Society in 1970, Highgate Building Society in 1974 and

1885-418: The National had become the largest land society in the country. There were over 100 such societies in existence and the National claimed to be taking forty per cent of the funds. Once the plots had been purchased, the National recognized the need to provide finance for the houses that were to be built on them. In 1854 it published its first advert, inviting applications for advances “for the erection of houses on

1950-542: The National, the start of Abbey Road was more modest. By 1888, the address was still at the schoolroom of the Abbey Road Church and the Secretary advised that he would be available on Friday evenings at his home. The early years saw rapid growth in members of the Society from 111 in that first year to over 1,000 in 1884, reaching 2,000 in 1881, 3,000 in 1901 and over 7,000 by the outbreak of WWI . A new office

2015-493: The Oak Co-operative in 1979. In 1971, the Abbey was opening a branch per week and in 1974, the peak of the private housing boom, there were 335 branches and £3bn. assets. This growth could not have taken place without the increase in new private housebuilding and the expansion in home ownership that created the second-hand market; it also reflected more innovative marketing policies. This innovation reached its peak with

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2080-594: The UK Government. This total included 198 executive NDPBs, 410 advisory bodies, 33 tribunals, 21 public corporations, the Bank of England , 2 public broadcasting authorities and 23 NHS bodies. However, the classification is conservative and does not include bodies that are the responsibility of devolved government , various lower tier boards (including a considerable number within the NHS), and also other boards operating in

2145-523: The appointment of Clive Thornton as general manager in 1979. He led a wide range of marketing initiatives, perhaps the best known being the registration of the name “Granny Bonds” to rival the National Savings product. Thornton was more than a passive supplier of funds to house purchasers. He took an activist approach to the housebuilding industry arguing that building societies should finance building of houses and flats to rent privately. In 1980,

2210-596: The bank in July 2001, though that was ultimately rejected by the Competition Commission . Abbey also ventured into the wholesale loans business. At first, this provided a good profit stream, despite the criticisms of some analysts. This eventually undid the company, however, when Enron turned out to be unsafe and the 11 September attacks in New York damaged confidence in various financial areas. From this point, Abbey struggled from financial losses and

2275-565: The banking crisis of 2008, Abbey purchased the savings business and branches of Bradford & Bingley in September 2008 following the nationalisation of B&B by HM Government . The purchase of Alliance & Leicester by Santander had been agreed earlier that month. Abbey migrated all customer accounts to the Partenon computer software used by Santander in June 2008. On 27 October 2008, Abbey reached an agreement to sell Porterbrook to

2340-532: The building societies’ natural market. Between 1951 and 1954, the Conservative government removed building controls and the growth in home ownership and private housebuilding resumed. However, the Society still had little more than a hundred branches and, with the pre-war management still in control, perhaps it was no longer as innovative. Eventually, 1963 saw the departure of the “old guard”: Chairman Harold Bellman died aged 76; Bruce Wycherley, general manager of

2405-634: The buildings of the gasworks which was closed in 1988, including the "Klondyke Building" now home to the Northern Ireland Environment Agency which lines the Ormeau Road and its restored clock tower. The area between this and the Lagan has been cleared, and the site's massive gas holders (once the largest in the world) have been removed. The landmark tenant is the £45 million Halifax call centre building. Other tenants at

2470-582: The creation of a "public appointments commissioner" to make sure that appropriate standards were met in the appointment of members of NDPBs. The Government accepted the recommendation, and the Office of the Commissioner for Public Appointments was established in November 1995. While in opposition, the Labour Party promised to reduce the number and power of NDPBs. The use of NDPBs continued under

2535-535: The decline of the shipbuilding industry in the 1970s and 80s. The corporation was wound up in March 2007 and its responsibilities transferred to the Department for Social Development . The Department of the Environment-commissioned Laganside Concept Plan was completed in March 1987, an initiative of Chris Patten and Richard Needham , two Northern Ireland Office ministers. To deliver this plan, Laganside Ltd.

2600-430: The erection of houses thereon – to enable such of its members as are eligible, to obtain the county franchise”. (The name was changed in 1894 to The National Freehold Land and Building Society and finally to The National Building Society in 1930). The Society was not allowed to purchase land in its own name, so purchases were made by the Trustees and quickly thirteen estates were purchased around London. Within four years,

2665-419: The four types of NDPB (executive, advisory, tribunal, and independent monitoring boards) but excludes public corporations and public broadcasters ( BBC , Channel 4 , and S4C ). The UK Government classifies bodies into four main types. The Scottish Government also has a fifth category: NHS bodies . These bodies consist of boards which advise ministers on particular policy areas. They are often supported by

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2730-490: The government is obliged to provide funding to meet statutory obligations. NDPBs are sometimes referred to as quangos . However, this term originally referred to quasi-NGOs bodies that are, at least ostensibly, non-government organisations , but nonetheless perform governmental functions. The backronym "quasi-autonomous national government organization" is used in this usage which is normally pejorative. In March 2009 there were nearly 800 public bodies that were sponsored by

2795-459: The name at the time) were put into receivership in October 1995. In July 1994, Abbey National purchased James Hay, one of the United Kingdom's foremost independent providers of self administered pensions. James Hay then went on to grow in strength and launched Abbey Wrap, a service in which IFAs can keep the clients' ISAs , PEPs , offshore bonds, and SIPP in one place. Abbey Wrap Managers

2860-400: The name was changed to The National Permanent Mutual Building Society, with an authorization for it to be commonly called The National Freehold Land Society. Despite the building society registration and formal name, there was no doubt as to the National’s function. The 1852 Prospectus clearly stated that “The special objects of this Society are to facilitate the acquisition of freehold land, and

2925-455: The national press and opened branches outside the Society’s home area. By 1929, the number of members had exceeded 100,000 and these doubled in the following two years. It was in this inter-war period that Abbey overtook the National in size: in 1918, the National had £1.2m assets against Abbey Road’s £0.8m whereas in 1939 Abbey’s assets totalled £51m against the £36m of the National. In 1932,

2990-479: The ownership of the National’s head office, all the advances were repaid in 1878. The repayment of the British Land loans marked the final break with the old freehold land movement and this was formalized in 1880 when the National incorporated under the Building Societies Act 1874 . This gave it two important advantages: it could act under its own name and it afforded limited liability to its members, probably

3055-544: The possession of freehold land with an annual value of £2. This required a capital outlay of some £60-70 and was outside the reach of the average worker. A scheme to obviate this capital requirement was launched in 1847 as the Birmingham Freehold Land Society. In simple terms, the society arranged for the purchase of tracts of land and divided them into plots which individuals could purchase, the cost being met by regular subscriptions. The success of

3120-611: The public sector (e.g. school governors and police authorities). These appointed bodies performed a large variety of tasks, for example health trusts , or the Welsh Development Agency , and by 1992 were responsible for some 25% of all government expenditure in the UK. According to the Cabinet Office their total expenditure for the financial year 2005–06 was £167 billion. As of March 2020, there were 237 non-departmental public bodies. Critics argued that

3185-465: The savings business of Bradford & Bingley was combined with the bank, and Abbey National plc was renamed Santander UK plc. Prior to the takeover, Abbey National plc was a constituent of the FTSE 100 Index . The National Building Society had its origins in the freehold land movement, sometimes called the “forty shilling freeholders movement”. In country areas, the voting entitlement was dependent on

3250-513: The site include: Clarendon Dock The first site to be completed, this has become a major business park as well as the home to the Corporation when it was in existence. Mays Meadow Adjacent to Lanyon Place, has two major financial institutions, an Abbey call centre and the local headquarters of PricewaterhouseCoopers . Donegall Quay and The Quays Donegall Quay is a road linking Oxford Street to Corporation Square. The quay itself

3315-984: The site of the former Thames Television studios in Euston Road ) and its main corporate centre was in Milton Keynes . Its savings and banking administration departments were in Bradford, with mortgage centres in Thornaby-on-Tees and Whiteley (which closed in 2010). Abbey had Banking Contact Centres in Belfast, Glasgow, Sheffield, and Bootle. Business Banking operations, both administrative and telephony, were also based in Glasgow, having been moved from Taunton and Newport early in 2005. Abbey previously operated contact centres in Derby, Liverpool and Gateshead. The Derby and Liverpool centres were closed, as part of

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3380-413: The society moved into new headquarters, Abbey House, at 219–229 Baker Street, London, which it occupied until 2002. The site was thought to include 221B Baker Street , the fictional home of Sherlock Holmes , and for many years Abbey employed a secretary charged with answering mail sent to Holmes at that address. WWII brought a cessation to new housebuilding and the building societies preoccupation

3445-683: The system was open to abuse as most NDPBs had their members directly appointed by government ministers without an election or consultation with the people. The press , critical of what was perceived as the Conservatives' complacency in power in the 1990s, presented much material interpreted as evidence of questionable government practices. This concern led to the formation of a Committee on Standards in Public Life (the Nolan Committee) which first reported in 1995 and recommended

3510-662: The terms of the Laganside Corporation Dissolution Order (Northern Ireland) 2006. Lagan Weir The weir, completed in 1994, is built across the Lagan between the Queen Elizabeth Bridge and the M3 bridge (completed around the same time). The Lagan Weir was jointly funded by the Corporation and the European Commission . The objective of the structure is to keep the level of the river artificially constant, as it

3575-422: The weir as well as the history of the Lagan itself. Lanyon Place In many ways the flagship development of the Corporation. The Waterfront Hall is located on the site as well as Riverside Tower, (headquarters of BT Northern Ireland ) and the 5-star Hilton Hotel . The Lanyon Quay building was added recently. The development is named after architect Charles Lanyon . The Odyssey The Odyssey development

3640-578: Was FSA approved in August 2003. This was relaunched as James Hay Wrap in June 2005. In February 1995, Abbey National Baring Derivatives were taken down along with Barings Bank , due to failures in regulation and control, especially in regards to Nick Leeson of Barings Bank. In the summer of 1995, Abbey National purchased First National Finance Corporation, a consumer credit company, for about £285 million. Two life assurance companies were demutualised and acquired, Scottish Mutual Assurance in 1992 and Scottish Provident in 2001, which enabled Abbey to pursue

3705-807: Was Northern Ireland main "Millennium Project." A budget of £92 million was established; 49% funded by the Millennium Commission , 11% by the Laganside Corporation, 18.5% by the Department of Culture, Arts and Leisure, 18.5% by the Sheridan Group and 3.3% by the Sports Council. When completed in 2001, facilities included: Gasworks A redevelopment of the city's former Gasworks by Belfast City Council and Laganside Corporation. The development has retained much of

3770-416: Was a commonality of directors and staff. The objective was to make the National “more emphatically than it has ever been yet, a Savings Bank and Building Society.” At that point, British Land accounted for two thirds of the National’s advances. The importance of British Land to the National gradually diminished although it was not until 1874 that the proportion fell to below one half; after an internal row over

3835-604: Was established in October 1987 as an interim measure; the Laganside Development Order (Northern Ireland) 1989 established the Laganside Corporation in May 1989. The Corporation's original mission statement was: "to contribute to the revitalisation of Belfast and Northern Ireland through the regeneration of the Laganside area. It has one target: for every £1 of expenditure, investment levels of £5.20 must be achieved. Its current mission statement reflecting

3900-450: Was eventually required in 1906. However, even after the War, the Abbey Road “was little known outside the borough of Paddington in which it was situated” The catalyst for change was the arrival of Sir Harold Bellman, later a commanding figure in the building society sector. He joined the board of management in 1918 and became Secretary of the Society in 1921. He overhauled every aspect of the operations, introduced improvements, advertised in

3965-412: Was implemented at the beginning of 1944 with Sir Harold Bellman as Chairman and Stanley Ramsey as his deputy. At the time of the merger, Abbey Road was the second largest society and National, the sixth. The post-war Labour government ensured that resources for housing reconstruction was almost entirely concentrated on local authority housing, while stringent controls severely limited the private sector,

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4030-399: Was marred by the discovery of a large number of undelivered share certificates awaiting destruction at a contractor's premises. Abbey National shares peaked at more than £14 in 2000, before the stock market began a long decline. After losses of at least £243 million, Abbey National decided to sell its estate agency business Cornerstone to two entrepreneurs, Tony Snarey and Bill McClintock, in

4095-410: Was one of the three railway rolling stock operating companies created from by the privatisation of British Rail , leasing rolling stock to the train operating companies in the United Kingdom. The bank launched its online bank, Cahoot, in June 2000. In August 2000 The First National subsidiary purchased Highway Vehicle Management from GUS plc for £170 million. Lloyds TSB attempted to merge with

4160-443: Was shortened to Abbey, the abbey.com domain name launched and the Abbey National umbrella logo dropped. Banking literature was also simplified as part of the programme, labelled 'turning banking on its head'. On 26 July 2004, Abbey National plc and Banco Santander Central Hispano, SA announced that they had reached agreement on the terms of a recommended acquisition by Banco Santander of Abbey. Following shareholders' approval at

4225-438: Was supporting mortgage owners and the consequences of bomb damage to properties. By 1943, as the prospect of victory increased, the Government led discussions on post-war reconstruction. The National’s Chairman, Stanley Ramsey, argued that greater scale would be needed to deal with the financial challenges of reconstruction and in 1943 he proposed a merger to the Abbey Road. The merger under the Abbey National Building Society name

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