Harpenden Building Society
Founded in 1953, the Society provides a wide range of mortgage and savings products at competitive rates to its customers. Its savers and borrowers own Harpenden. They are proud to be an independent Mutual Building Society.
The Situation
As a local building society, Harpenden Building Society (HBS) has strong growth plans over the next few years. With a current balance sheet of £420 million and fixed-rate mortgages already exceeding the 10% limit under the PRA’s “Administered Approach,” HBS needed to transition to the “Matched Approach” to remain compliant, competitive, and scalable.
At the time, Harpenden Building Society had no formal asset-liability management system in place and relied solely on spreadsheets. Achieving a clean audit was a key objective driving the change.
The Solution
The first step involved the Head of Treasury assessing in-house capability, as there was no ALM system in place. To build from the ground up, HBS selected ALMIS®, including Cobalt, Cornerstone, and the full Hedge Accounting and ALM suite.
ALMIS-powered treasury transformation
“We chose ALMIS® Cobalt for the market-to-market reporting. Setting up swaps was the key—now I get daily MTM information for our swap portfolio, which makes the collateral management process much easier. I don’t have to calculate things manually.”
King Wan, Head of Treasury
Harpenden Building Society
Fixed-rate mortgage expansion made possible
Harpenden Building Society selected ALMIS® to support a major transformation in its treasury and risk management capabilities. Find out why from King Wan, Head of Treasury.
