New chairman for CML Cymru

Peter Hughes, Head of Commercial Lending at Principality Building Society, has been appointed as the new Chairman of CML Cymru. With an extensive knowledge of the current housing agenda, Peter also sits on the national CML Social Housing Panel. His appointment succeeds Mick McGuire, who was Chair of CML Cymru for three years, from 2005 to 2008. 

Commenting on taking on the role, Peter said: 

“I am looking forward to taking on the challenge as Chair of CML Cymru, as the lending market currently faces a unique set of conflicting pressures. Unexpected global events influenced the market month-by-month last year and 2009 will prove to be equally tough, with rising unemployment and continuing negative house price inflation facing Wales and the rest of the UK.  

“Working closely with government and other key agencies to develop rescue packages that work in practice will be a key focus. It is vital that we work together to minimise repossessions and homelessness in Wales created by the current weak economic conditions. 

“We need to work towards a more positive model that will provide a better future for all involved, offering our support and commitment to reignite the lending market. Participating fully with the issues that have emerged from the Essex Report will see Wales better equipped to meet its housing requirements.” 

Born in North Wales, Peter has over 25 years’ experience in commercial and corporate banking, with particular knowledge of the property, agriculture and manufacturing sectors. During his time at Principality he has been involved with several key housing projects, leading the Society’s participation in the first ever Housing Stock Transfer transaction to take place in Wales at Bridgend. Last year, Peter also managed the Society’s involvement in the Housing Stock Transfer of 8,200 homes from Torfaen Council to Bron Afon Community Housing.