Diocesan Development Fund policies

22. Mr John Pascoe asked -

1. Has the Glebe Administration Board developed policies for the operation of the Diocesan Development Fund for lending to parishes, including loan approval criteria, and policies for interest rates, lengths of loan periods, loans reviews and repayment schedules?
2. If so, what are these policies, and how do they differ from the current Finance and Loans Board policies?
3. To whom will the Glebe Administration Board be accountable in respect of its loan administration policies for the Diocesan Development Fund?

To which the President replied -

I am advised that the answers are as follows -

1. The Glebe Administration Board (GAB) has for a number of years employed policies for the evaluation and management of its very successful commercial loan portfolios. Typically these policies relate to maximum loan to valuation ratios, interest coverage ratios, review periods and fees.
   
   To date, the GAB has not translated its procedures for commercial loans to parishes.
   
   If the Synod approves the Diocesan Development Fund Ordinance, GAB plans to consult with members of the Finance and Loans Board members to develop specific procedures for parishes.
2. Not applicable
3. Should the Diocesan Development Ordinance be passed, parish loans will form a part of the Diocesan Endowment under the management of the GAB.