60 seconds with...Peter Griffiths

9 May 2011 | By Samuel Dale

What are the biggest challenges for the mutual sector this year?
The challenges centre on commercial and human capital. Post-credit crunch, the issues are funding constraints and repayment of government support schemes.

How important are brokers to the mutual sector?
As important as ever, although mortgage volumes are lower than they have ever been and huge drops have left brokers in an invidious position from a supply and demand perspective. But they remain key to the market.

Everyone talks about the mortgage market review but what are the biggest issues coming out of European regulations?
The most important development from Europe is the implementation of the Basel III capital requirements through the Capital Requirement Directive. It is now clear that there is a global regulatory framework and that is much harder to influence than simply a UK regulator.

Will building societies lend more in 2011?
The sector will definitely be doing more mortgage lending than last year but it will vary among different societies. Some plan to greatly increase lending, albeit from a low base, while others will have no or slow growth, and others still may continue to repair their balance sheets. But there will certainly be more growth in the mutual sector this year.

What is the proudest moment of your career?
Receiving an OBE about 18 months ago for services to financial services. Professionally, I would have to say the job I have done for 10 years as chief executive of Principality Building Society. I am most proud of how we shifted the brand and culture to a better place.

Do you have any secret talents?
I do a good rendition of Ernie the fastest milkman in the West. And I’ve climbed to the top of Mount Kilimanjaro.

What three items would you take to a desert island?
Ipod, hat and sun oil for my bald head.

Who would you like to play you in a movie of your life and why?
Jasper Carrott. Some people say I look like him and we share the same sense of humour.

What book are you reading?
I am not a big reader but I’m reading the autobiography of fellow Welshman Joe Calzaghe. I was an amateur boxer myself when I was younger.

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