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Sterling has today picked up sharply after weeks and weeks of pressure and selling by investors. This comes just ahead of the MPC meeting to decide their next move on UK base rates and until just a...
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Monday 3rd November 2008
Yorkshire-based Skipton building society is set to acquire local rival Scarborough building society in a move which will take Skipton into the top five building societies in the UK. The merged operation will have nearly 900,000 members and assets approaching £16 billion ensuring that both operations have a long-term future.
This is just the latest in a long line of building society mergers whereby members of the smaller entities have not received any windfall payments as we have seen in the past. These are in effect bailouts from within the industry which ensures the survival of a small entity and confidence in the sector as a whole. We have seen many of the smaller building societies unable to fund their operations due to the state of the money markets where liquidity is not as it should be.
However, on the downside those with deposits held by two merging entities will only be covered for £50,000 in total as opposed to £50,000 for each building society under the UK compensation scheme. While this has not affected a great number of people it will have an impact on some of the larger account holders. The building society landscape is changing all the time and is very much different to the one we knew only 12 months ago. |
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