Dunfermline Building Society Collapses

roddydogs

Isnt the "Nationwide" takeover a bit hasty?.....with the Lloyds/Tsb takeover of HBOS in mind???

baby_boomer

I don't think so. In fact it worked in Nationwide's favour.

It is by quoting the Lloyds takeover of HBOS at the government that the Nationwide has walked away with a bargain - leaving taxpayers, but especially savers through the FSCS levy with the £100-£150m estimate final bill.

On this MSE thread we all think the Nationwide has got a bargain and the FT this morning agreed

Ryan23

The only reason I kept my £100 in the Dunfermline BS throughout these last twelve years was the hope that if it demutualised there might be a windfall for me. :rolleyes: For my "loyalty" I think I have now earned about £1.35 in interest throughout these last 12 years! Well, I take it there will be NO "payout" from the Nationwide BS as it take over the poor old Dunfermline??? Should I cash in my £100 and run? :rolleyes: Advice please.

baby_boomer

You can cash in your other £100 accounts while you're at it and save yourself some more money. The building society movement would also benefit from the reduced admin costs.

Every one's a winner!

sheslookinhot

baby_boomer wrote: »

You can cash in your other £100 accounts while you're at it and save yourself some more money. The building society movement would also benefit from the reduced admin costs.

Every one's a winner!

................:D

bristolleedsfan

baby_boomer wrote: »

You can cash in your other £100 accounts while you're at it and save yourself some more money. The building society movement would also benefit from the reduced admin costs.

Every one's a winner!

I always believed that it was accounts with lots of transactions taking place that was costly admin wise.

Browntrout_2

The taxpayer is taking on responsibility for millions of pounds worth of dud commercial loans and high-risk mortgages that the society bought from other lenders, plus the society's own borrowings.



Whose next is what I say, you can imagine bond traders at Citibank and FX traders at Lehmans or whoever taking huge risks with other peoples money for a big fat bonus, but Dunfermline BS, have you ever even been to Dunfermline?

This for me says it all about the culture of I want it now and I don't really want to work for it. Thanks RBS, BoS and now Dunfermline, it shows that small countries with global ambitions should really consider that the grass is not actually greener, in fact it's brown and dirty!

baby_boomer

bristolleedsfan wrote: »

I always believed that it was accounts with lots of transactions taking place that was costly admin wise.

As you know, there is a fixed cost element to each account consisting of AGM forms, interest rate change letters, bi-annual society propaganda newsletters, invite a friend to open a mortgage requests etc. etc. ad infinitum

On £100 that is going to come to more than the difference between the society's savings rates & borrowing rates.

jack_spratt_2

baby_boomer wrote: »

You can cash in your other £100 accounts while you're at it and save yourself some more money. The building society movement would also benefit from the reduced admin costs.

Every one's a winner!

Yes you have finally come round to my way of thinking and its not even the 1st April yet:T :beer:

baby_boomer

We're all mutualists now, Jack.

At least that's the theory .

Save the windfalls for the directors.

The trouble with the Treasury stepping in at Dunfermline is that they may not have to publish accounts so members may not get to see how much Graeme Dalziel was paid off for wrecking a 140 year old society.