Dunfermline BS Stability

baby_boomer

BBC

".....Mr Faulds expects to be put out of a job on Monday after a wide-ranging attack on the UK government for its handling of the situation..."

## Er no. He's going to be put out of a job for his reckless and incompetent leadership of a financial institution. The man's a legend in Scottish business circles, so he will fight hard for his reputation. It's going to be funny watching the BBC trying to be even-handed .

Yahoo - Anger at Dunfermline sell off

"........A demonstration against the Treasury-backed sell-off is expected to take place at the building society's headquarters, Caledonia House, in Dunfermline this morning."

baby_boomer

Count_Dante wrote: »

People in Scotland will remember this advert from a few months ago - shown just as it will have become clear to management the extent of the building societies troubles:
http://www.youtube.com/watch?v=93VZPVIsWcc

Top spot, Count.

This should be required viewing in school finance lessons, to encourage a cynical approach to financial institutions.

"Dunfermline BS - For a longer, happier relationship"

The framed pictures of happy customers on the walls of the society were an awful idea at the time, and look even worse now!

ahai1

I heard on Breakfast that Robert Peston believes it is the Nationwide.

baby_boomer

Well he's never wrong!

It's politically important that a mutual wins

Dunfermline has around 33 branches in Scotland and the entire BS movement has under 130, so it is significantly under-represented north of the border compared to England.

Nationwide has 43 branches and Yorkshire has 14.

If Nationwide wins, it would come close to having market dominance among mutuals north of the border. On the other hand, its banking expertise might offer the Dunfermline branches a better chance of survival?

The mutuals headquartered in Scotland, Scottish & Century, have just 7 branches.

bristolleedsfan

ahai1 wrote: »

I heard on Breakfast that Robert Peston believes it is the Nationwide.

http://news.bbc.co.uk/1/hi/scotland/7971244.stm

baby_boomer

Twizzle17 wrote: »

We have a morgage with the Dunfermiline Building Society

With the recent news, can someone please tell me if I need to do any thing?

If Nationwide takes over the residential mortgage book, you could be MUCH better off if you are currently on the Dunfermline Standard Variable Rate .

This would also back Scottish politicians further into a corner, if Scottish borrowers are seen to be better off. The SNP preferred solution would have been for Scottish borrowers to prop up Dunfermline BS over the next decade by paying high mortgage rates.

The deal could yet be protrayed as the British Treasury and an English BS riding to the rescue!

Quick work by the Treasury. The deal could be done & dusted before the Dunfermline demonstrators have raised a placard or the MSPs have had a chance to sit down together over bacon rolls in their 10x overbudget Scottish Parliament window seats :rotfl:

Milarky

Will conitnue to trade as a separate brand (like Cheshire and Derbyshire) with separate FSCS deposit registration? (Don't know why anyone would worry about 50K limits any more as HMG just keeps shelling out...)

oh, and less competition for customers of course......

Reaper

It's the Nationwide as you will have heard by now.

Incidentally here is what the management told the members when banks first started collapsing:

We have an outstanding record for safety. The society is a financially robust, profitable and well-capitalised institution and has absolutely no exposure to subprime lending. Our arrears and provision levels are consistently below the industry averages.

Megalomaniac

Nationwide was the last society I wanted to see take it over... there goes any decent savings rates!

I do wonder if they will be kept as a seperate organisation to the Nationwide. In Aberdeen, the two branches are literally opposite each other on Union Street and obviously wouldn't make much sense keeping both if Dunfermline was 'consumed'. I'm sure there are other Scottish high streets where this is a similar case.

baby_boomer

BBC

Scottish politicians cave in and welcome the deal

William Rennie
"I think it's good news that the jobs have been secured within the Dunfermline Building Society as part of the Nationwide deal,"

Alex Salmond
"I welcome the easing of the uncertainty." [Although he expressed concern about the process.]

Game, set and match to the Treasury & the Westminster government. Having foolishly tied his flag to the mast of both HBOS and RBS, Salmond has decided to cut his losses.

Looks like Jim Fauld's political allies have left him hanging out to dry!

Yorkshire Post - And even Jim is welcoming the Nationwide

"Mr Faulds told BBC Radio 4's Today programme that Nationwide was "a first-class operation" by which existing Dunfermline members would be "well served".

## - The Yorkshire Post article is worth reading, however, for Alex Salmond's incoherent mutterings. The First Minister will be diminished by this episode IMO. He seems to want the job security Nationwide [and British taxpayers ] are offering while continuing to snipe away at the edges of the deal . He looks more and more like a little man out of his depth.