Building societies suffer from withdrawals

The Daily Telegraph and other outlets have picked up on The Building Societies Association’s press release stating that there was £107m withdrawn from societies last month. A stark contrast to the post Northern Rock collapse when nearly £3bn was deposited in societies.
The Telegraph states that these outflows are a sign that confidence in mutual societies [...]

Failing Building Societies?

Alan O’Sullivan in an article yesterday on thisismoney.co.uk speculates about which societies are having problems. A part of the Daily Mail it’s hardly surprising that thisismoney and O’Sullivan appear not to be fans of the building society movement.
Yes it’s true that Derbyshire, Cheshire and Barnsley building societies have sought to merge with larger rivals, however [...]

Barnsley to be taken over by Yorkshire

Today the Barnsley Building Society announced that it had lost £10m in the collapse of the Icelandic Banks. They made it clear that they had sufficient reserves put aside to cover this sort of eventuality, but that in the current climate the loss has spurred them into action.
Yorkshire Building Society the 3rd largest in the [...]

Mutual Money

Welcome to Mutual Money!
This is your one stop resource for finding news and opinions on the UK mutual financial sector.
Mutuals have no outside shareholders and therefore are able to offer some of the most attractive financial products around, because profits can be re-invested rather than distributed as share dividends. In addition because mutuals are not [...]