DM: Give me a short background about Cardiff as an association and its prime link to private finance for your housing delivery. Yeah okay, private finance was introduced for world housing associations in 1989, and I actually worked at the time as director of housing for the housing association that pirated it which was a big scheme that there was neutralized for john who made such remarks about the type of living and we actually started our own schemes so wells must had half and we had half I think we earned it about 400 times altogether. DM: Was it a Cardiff one?
No it was another association. It’s what’s now linked to several associations. I’m not Shure whether she spends a lot of time but, and it was such a Herald it you know, there needed to be increased in supplies, not enough public money, housing associations investing on vast assets and we should be able to use the assets better so how do we them well, what we do is use a security to private sector to get loans and you could imagine it sort of go down abandon housing associations at the time who were funded at that time by a combination of borrowings and loans all be it from the public sector works for it, and a revenue fund in, you know you look back now you can’t believe why any government sort of supported us in the way that they did other than that we were small or not in the radar. But mainly the financial regime was extremely generous and even if you made a deficit on your regular activities which I think was certainly pretty harder that time, you know, they was a funding mechanism to sort of pick it up and stock without it. They were also grants for major works which at moment of course we have to sort of fund and support, and the introduction was faced over three or four years, so I think it was actually a very sort of generous introduction to private finance and for the housing associations. So I think that was quite important. I came here in 1991. And the organization meant to be relatively small but had a lot of assets and had gone through a series of poor regulatory reports and even in the current climate we’d been pushed to merge with somebody else’s railway quickly, but of course then the regulatory frameworks and resources were replaced due actually do anything much about poorly performing we did performed well and though in a way we were quite lucky because we had this huge new change which could have very easily sort of swept us away and actually we had some time and quite a lots of support to sort of trying sort the organization out to make it fit DM: To make proper progress.
Yeah. And so it wasn’t that torturous I mean with my collection of experiences at the time were more about I don’t even know how this supposed to work, the terms, the whole thing about finance and governments and loan agreements and all the rest of it were completely sort of new world. DM: And how did you, were you bored at that time cope with this new arena? I don’t think and I was just completely trying to be polite and really didn’t have a clue what was going on you know, small voluntary sort of thoughts very important but didn’t have a clue what was going on in the world. It’s also very much charitable, although the private sector people on it, they came on it because of the charity side so didn’t see how those situations correct but didn’t really engage much with the housing association so wouldn’t know, did you get the idea? Stick on that. And (coughs) didn’t really engage much with the outside world, and I think what I came here we had made a financial loss three years running which was pretty hard to do next days you know, and because it was so weak it didn’t actually taken for long to put it on the right road, few odd decisions. DM: That time the retailed buyings was the primary part of plans of your boss. Totally, and I can remember our first loan here was the principality which is the worst of the year, and the sort of relationship the managers will be called...
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