Precise plans product launch following reduction in swaps

In a note to intermediaries, packagers and master brokers, Managing Director Alan Cleary said that "whilst the vote is not what I had hoped for, the management team here at CCFS has been planning for both eventualities for months".

Cleary continued: "To ensure we built a strong liquidity position in the case of a Brexit causing uncertainty in the financial markets, Charter Savings Bank has been in the top of the best buy tables for months. As a result we are in a very strong position over and above the statement made by Mark Carney on Friday that they have an additional £250bn of liquidity available to banks through normal BofE operations."

Discussing reasons for becoming a bank, Cleary said that "having lived through the financial downturn in 2008 it was clear that lenders wholly reliant on the capital markets do not fare well when we enter periods of uncertainty".  

He added: "One of the things I have learnt is that when you enter choppy waters you should steer your course and not follow the waves. Our strategy is unchanged and we will continue to supply mortgage products into the intermediary market and to support our distribution partners wherever we can."