Wednesday, Oct 22, 2008
Depositor cash with Barnsley BS re-invested in Iceland
BBC: Barnsley building society rescued
The Yorkshire Building Society is to takeover its smaller rival, the Barnsley Building Society. The Barnsley said it was protecting itself against the possible loss of up to £10m deposited with Icelandic banks. The deal is the latest in the trend towards further consolidation among the UK's building societies. The deal is expected to be completed by the end of the year and there will be no windfall for Barnsley savers, nor will there be a vote of members.
Posted by jack c @ 09:15 AM (254 views) Add Comment
2 Comments
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1. jonb said...
They accept benefit books as ID when applying for a mortgage, so I guess the £10m deposited in Icelandic banks isn't their only problem.
http://www.barnsley-bs.co.uk/mortgages/process/step2.htm
2. Peeps said...
The shape of things to come. Expect more takeovers and branch closures.