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CBS intends to issue RMBS

Canterbury Building Society has established a NZ$100 million warehouse facility with Westpac. RMBS will be issued once sufficient volume has built up in the warehouse.CBS believes the securitisation programme will produce a more competitive cost of funds than its current cost of funds by issue of deposits.CBS's weighted average rate on deposits for a term of less than a year was 5.04 per cent in the year ended March 31, 2010 compared with 6.38 per cent the year before.  Nearly 76 per cent of CBS's NZ$475 million deposit base belongs to this term.

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