http://www.leedsbuildingsocie

http://www.leedsbuildingsociety.co.uk/_resources/pdfs/press-pdfs/financial-resulsts-pdfs/reports-accounts-2015.pdfThis building society annual report makes interesting reading:"Bank Base Rate has remained at 0.5% for the last seven years and we don’t currently anticipateany rise until 2017. This, combined with increased competition in the mortgage market, meansborrowers have seen even greater benefit in this historically low rate environment.""We’ve already experienced increased competition, particularly in the mortgage market, in the second half of 2015 and we anticipate this will only intensify. Therefore, we expect to see some downward pressure on our net interestmargin as we move through 2016 and into 2017""Savings balances grew by £751m to £9.9bn, the highest level in our history""Our ability to pay above market returns to attract and retain savers has enabled us to help a recordnumber of borrowers in 2015"So, basically, money remains plentiful and in fact savings are increasing, leading to more competition in the borrowing market.Also, note their business model: "The Society borrows from Savers" "Net interest margin(Secure)The difference between interest received on assets and interest paid on liabilities, measured as a percentage  of mean assets. This is the Society’s main source of income." 1.62%, quite a margin, but they do have to pay for 1,300 staff.  That is £207 million, off about £13 billion of assets.