"M.I.5¾" wrote

It's worth recording that the Bradford and Bingley had no desire at
all to be a bank. The people who ran it wanted to remain as a mutual.
Unfortunately, it was the members who were greedy* and wanted the
windfall shares that forced it to demutualise and become a bank.

* and even more likely, those members who joined just before
demutualisation with the sole aim of voting for and getting the
windfall.



Not long ago I opened an account with one of those few remaining
mutual building societies. Before doing so I had to agree that should
demutualisation occur any shares which might fall to me would be given
directly to a charity of the BS's choice.
That, clearly, is to deter people who would open accounts simply in
the hope of getting windfall shares.

--
DB.
..

"M.I.5¾" wrote in message
...

"Alasdair" wrote in message
...
On Sat, 27 Sep 2008 22:48:24 +0100, Derek Geldard
wrote:

Right, that's it then .

Any bets on who's next ?

Derek

Probably another of the former Building Societies who were too big for
their boots and wanted to be banks.


Except that I believe that the B&B was the last of them.

Which ones were there? B&B, Northern Rock, Halifax - any more?
I'm glad my savings are in the Nationwide. They seem to be OK, but aren't
very keen to grant credit.

"mert1639" wrote in message
...

"M.I.5¾" wrote in message
...

"Alasdair" wrote in message
...
On Sat, 27 Sep 2008 22:48:24 +0100, Derek Geldard
wrote:

Right, that's it then .

Any bets on who's next ?

Derek

Probably another of the former Building Societies who were too big for
their boots and wanted to be banks.


Except that I believe that the B&B was the last of them.

Which ones were there? B&B, Northern Rock, Halifax - any more?
I'm glad my savings are in the Nationwide. They seem to be OK, but aren't
very keen to grant credit.

The Nationwide is still a Building Society which means that as a mutual
society, it can only lend money that it acually has deposited by savers.
Thus it should be OK unless their savers suddenly decide they need their
savings to pay the gas bill.

On 30 Sep, 08:26, "M.I.5¾" wrote:
"mert1639" wrote in message

...







"M.I.5¾" wrote in message
...

"Alasdair" wrote in message
. ..
On Sat, 27 Sep 2008 22:48:24 +0100, Derek Geldard
wrote:

Right, that's it then .

Any bets on who's next ? *

Derek

Probably another of the former Building Societies who were too big for
their boots and wanted to be banks.

Except that I believe that the B&B was the last of them.

Which ones were there? *B&B, Northern Rock, Halifax - any more?
I'm glad my savings are in the Nationwide. *They seem to be OK, but aren't
very keen to grant credit.

The Nationwide is still a Building Society which means that as a mutual
society, it can only lend money that it acually has deposited by savers.
Thus it should be OK unless their savers suddenly decide they need their
savings to pay the gas bill.- Hide quoted text -

- Show quoted text -

With gas (and oil and electricity) prices going the way they are, that
is a distinct possibility.
Ian.

On 30 Sep, 08:26, "M.I.5¾" wrote:
"mert1639" wrote in message

...







"M.I.5¾" wrote in message
...

"Alasdair" wrote in message
. ..
On Sat, 27 Sep 2008 22:48:24 +0100, Derek Geldard
wrote:

Right, that's it then .

Any bets on who's next ? *

Derek

Probably another of the former Building Societies who were too big for
their boots and wanted to be banks.

Except that I believe that the B&B was the last of them.

Which ones were there? *B&B, Northern Rock, Halifax - any more?
I'm glad my savings are in the Nationwide. *They seem to be OK, but aren't
very keen to grant credit.

The Nationwide is still a Building Society which means that as a mutual
society, it can only lend money that it acually has deposited by savers.
Thus it should be OK unless their savers suddenly decide they need their
savings to pay the gas bill

So, why did the Cheshire and Derbyshire, which were both building
societies, suddenly need to be 'merged'? Have gas prices gone up more
there than anywhere else?

"M.I.5??" wrote:

"Alasdair" wrote in message
...
On Sat, 27 Sep 2008 22:48:24 +0100, Derek Geldard
wrote:

Right, that's it then .

Any bets on who's next ?

Derek

Probably another of the former Building Societies who were too big for
their boots and wanted to be banks.


also, it's worth recording that the Bradford and Bingley had no desire at
all to be a bank. The people who ran it wanted to remain as a mutual.
Unfortunately, it was the members who were greedy* and wanted the windfall
shares that forced it to demutualise and become a bank.

* and even more likely, those members who joined just before demutualisation
with the sole aim of voting for and getting the windfall.

Better known as "carpet baggers".

"M.I.5??" wrote:

The Nationwide is still a Building Society which means that as a mutual
society, it can only lend money that it acually has deposited by savers.

This is dispite various people trying hard to turn it into a bank. Given
that demutualisation appears to have been proposed at every AGM within
the last decade (and repeatedly voted down.)

How many building societies are left in the UK now?

Thus it should be OK unless their savers suddenly decide they need their
savings to pay the gas bill.

"Mark Evans" wrote in message
...
"M.I.5??" wrote:

The Nationwide is still a Building Society which means that as a mutual
society, it can only lend money that it acually has deposited by savers.

This is dispite various people trying hard to turn it into a bank. Given
that demutualisation appears to have been proposed at every AGM within
the last decade (and repeatedly voted down.)

How many building societies are left in the UK now?

Thus it should be OK unless their savers suddenly decide they need their
savings to pay the gas bill.

Nationwide want to raise £500 million from institutions later this year by
an issue of PIBs
Derek.


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