Building society eats building society
Am I right in surmising that Northern Rock, which recently had a big bail out at the expense of the taxpayers, was also one of these demutualised ex-building societies?
And what are these Fannie Mae and Freddie Mac that have had similar bail-outs in the US? The first sounds like an escort agency rather than a financial institution. I realise that “image” is deceptive, but who in their right mind would lend to or borrow from an institution with a name like that?
One of the most telling things in this report is the bit that says savings funds 71% of Nationwide’s business. That’s the way it used to be here, and that’s the way it ought to be. But now savings are not possible, because anything you save will be eaten up in bank charges.