Magazine article Public Finance

RSLs Face Rocky Financial Future, Says Regulator

Magazine article Public Finance

RSLs Face Rocky Financial Future, Says Regulator

Article excerpt

Housing associations face heightened scrutiny from their new regulator amid growing fears about how they will cope with the recession.

The Tenant Services Authority, which became operational at the beginning of December, expects to monitor the cashflow and lending operations of the ZOO largest associations on at least a quarterly basis throughout 2OO9 - with some landlords being assessed monthly and even weekly.

Peter Marsh, the TSA's chief executive, said the outlook was bleak for many landlords. 'These are unprecedented times. I don't think that 2OO9 or 2O10 are going to be easy years for housing associations,' he told Public Finance.

Last month. Marsh told the Commons communities and local government select committee that six registered social landlords were 'at risk' financially. Since then, he said, some had overcome immediate problems but the TSA would continue to keep a close watch.

The authority, which will eventually regulate local authority landlords as well as RSLs, is especially concerned about associations that signed agreements with banks to guard against future rises in interest rates and now - following the sudden fall in rates - are being asked to come up with large cash sums at short notice. …

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