2. The Rev Ian Millican asked -

Last year Synod passed resolution 14/03 whereby it requested "every parish, provisional parish, Anglican school and Diocesan organisation within the Sydney Diocese to transfer their main cheque account facility and deposits to the Glebe Income Accounts by 31 March 2004" and requested "all Sydney Anglicans to consider investing their own term deposits and other funds into Glebe Income Accounts."

(a) What action has been taken by the Glebe Board in respect of this resolution?

(b) What has been the increase over the last 12 months in the value of funds held in Glebe Income Accounts in cheque accounts and deposits?

(c) What has been the increase over the last 12 months in the number of cheque accounts and deposits with Glebe Income Accounts?

(d) What percentage of Diocesan parishes, provisional parishes, Anglican schools and Diocesan organisations now have a cheque facility with Glebe Income Accounts?

(e) What ongoing or future action will be taken by the Glebe Board in respect of this resolution?

To which the President replied -

(a) The Glebe Administration Board has been in constant dialogue with Diocesan parishes, provisional parishes, Anglican schools and Diocesan organisations, working with them and where possible moving their accounts to Glebe.

(b) Over the last 12 months, the value of funds held in Glebe Income Accounts has increased from $132m to $139.5m, an increase of $7.5m. However it should be noted that Glebe Income Accounts acts as the treasurer for several large organizations and consequentially the total balance in GIA can vary considerably on a day-to-day basis.

(c) Over the last 12 months, the number of cheque accounts and deposits with Glebe Income Accounts has increased by 70 to 3,386 accounts.

(d) The number of Diocesan parishes, provisional parishes, Anglican schools and Diocesan organisations that have a cheque facility with Glebe Income Accounts is 101. This represents an increase of 59 on that reported to Synod last year. The number of Diocesan parishes, provisional parishes, Anglican schools and Diocesan organisations that have an account (cheque, at call or term deposit) with Glebe is 259 spread over 585 accounts. Currently ASIC is actively reviewing GAB's licensing obligations for cheque accounts. It is highly probable that, GIA will need to concentrate on providing cheque accounts only to entities with a corporate relationship to GAB (that is parishes and Diocesan organizations) and accordingly GAB may not be able to continue to provide cheque account facilities for individuals.

(e) The Glebe Administration Board will continue to work with parishes, provisional parishes, Anglican schools and other Diocesan organisations to grow GIA. In addition, the Glebe Administration Board is examining its ability to offer a broader range of services based on an aggregation of Diocesan borrowing and lending. GIA would be an important part of those initiatives.