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| Cover Design and Layout by Stella Stofberg |
A Word from the Author, Peter Plum
In 1981/82 our then MBSA President, Leon Glaser,
presented me with a document which stated that their aim was to provide finance
to building trade employees for the purchase or building of their own homes.
I studied the proposal and came to the conclusion that
this scheme would not work as the bank lending rate at the time was about 15%.
MBSA wanted to charge between 1% and 7% interest, depending on the size of the
bond.
Having worked out that the amount of interest
collected would be infinitesimal and would not bring a sufficient return to
support others, I then developed a totally new concept.
The first proposal was made on 19 May 1982 in response
to BIFSA’s recommendation . . .
If you are interested in learning more about this
scheme:
CONTACT: peterplummail@gmail.com
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