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Scottish building society could face government bailout

March 28, 2009    Posted in: Debt News
Scotland’s biggest building society, Dunfermline Building Society, may be facing a government bailout in order to tackles its debts. Despite the organisation insisting that it is currently carrying on as per normal – claiming that it refuses to comment on rumour or speculation – several media outlets have reported that Dunfermline is experiencing problems with its commercial loans book. Dunfermline Building Society has been in operation for more than 130 years, with 300 branches across Scotland. Dunfermline and West Fife MP Willie Rennie has urged the government to resolve the issue quickly. In an interview with the BBC, Rennie said:
“I’ve got great concerns about the reports that have been in various newspapers over the last few days and reports I’ve heard on the ground, sufficient to stir me into making sure the Scottish secretary, the prime minister and the (Scottish) first minister take this seriously and explore every possible avenue to make sure the Dunfermline Building Society remains independent and Scottish, but also mutual and strong.” “People trust this institution and, if this falls away, then I don’t know how much confidence we could have in the financial sector.”
First Minister Alex Salmond has refused to comment on the issue specifically, but reiterated that the government is always ready to engage constructively in the interests of Scotland.
March 28, 2009    Posted in: Debt News

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