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Nationwide Building Society denies being lender of last resort

Much like the Bank of England is seen as the lender of last resort for the financial sector as a whole, the Nationwide Building Society has been forced to deny that it has taken on that mantle for the mutual sector after the bail out of the Derbyshire and Cheshire building societies. So what is happening?

As the Derbyshire and Cheshire struggled under the pressure of the ongoing credit crunch it became apparent that there were viable businesses there but they were in need of an injection of capital. The rules for the building society sector are slightly different from the main financial sector and as such the Nationwide saw an opportunity to merger three good quality businesses together. Make no mistake about this, the Nationwide Building Society would not have taken on two businesses just for the sake of it, no matter what the potential financial fallout would have been.

By declaring that they are definitely not the lender of last resort for the sector this has taken some pressure of the company and also confirmed to members that they are not there to bail out the sector, no matter how hard the going may be.

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