Probably you too have had the experience of cruising toward Tullamarine and peering out of the plane window for a glimpse of the vast, diverse community of Melbourne. It's not always easy to spot familiar landmarks, so on a recent occasion I reflected instead on the huge numbers of Catholic facilities in the Archdiocese which have benefited from Catholic Development Fund low cost finance over the years.
In 2001/2002, the Fund lent $66.2 million to Catholic organisations including churches, schools, hospitals and retirement facilities, saving borrowers $3.5 million in interest repayments. Loans since the Fund was established in 1956 total nearly $650 million, $326 million of which was approved in the last five years! Indeed, it is a challenge to find Catholic institutions which have not come to the CDF for a loan.
However, the heart of what CDF does lies beyond the economics and the reality of bricks and mortar. CDF supports the building of Catholic communities which in turn bond people to their Faith and enrich their lives across the arenas of health, faith, education and recreation. Put simply CDF is about people! Our new promotional brochures, featured in this Update, put pictures to the CDF story. I invite you to have a closer look.
In 2002 the average deposit level increased by over 15%, peaking at $452 million in February. Total asset level reached $493 million, an all time high. CDF is justifiably proud of this solid growth which was achieved during a declining interest rate market.
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While our new brochure puts a face to the people who benefit from the work of CDF, this report will put a face to the Management team who have been invited to contribute some words of wisdom.