Leeds Building Society seems on a firm footing
After announcing pre-tax profits of £30 million for 2008, it was the turn of Leeds Building Society members to vent their anger and frustration at today's AGM. While the society has slashed bonuses to members it would appear to be one of the stronger building societies in UK at this moment in time. However, this did not stop members from questioning the board about toxic assets, the future and the safety of the building society itself.
The Leeds Building Society currently has around £500 million of cash reserves which remain untouched even though the society lost £10 million due to the collapse of the Icelandic banking system. The annual general meeting comes at a time when confidence in the UK building society sector has never been lower amid concerns that many of the smaller ones will suffer in the short to medium term. The collapse of the Dunfermline Building Society is still very fresh in many people's minds and members are looking for assurances that similar situations will not occur with the Leeds.
Slowly but surely, the more building societies which announce profits and attempt to allay the fears of members, we should see a return of confidence in the overall sector.
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