Yorkshire calls for Northern Rock re-mutualisation

THE campaign to turn Northern Rock back into a building society has stepped up a gear.

THE campaign to turn Northern Rock back into a building society has stepped up a gear.

The Yorkshire Building Society used the platform of the Building Societies Annual Conference to call for the Government-owned bank to be re-mutualised.

It said that mutual societies are vital for competition and diversity in the retail financial services market.

Iain Cornish, the Yorkshire’s chief executive, said: “Re-mutualisation of Northern Rock provides a real opportunity to create a more vibrant and sustainable financial sector.

“We recognise there are obstacles that need to be overcome, but believe that returning Northern Rock to mutuality would deliver long term benefits for consumers and the financial services sector as a whole.

“Clearly there are some issues for the Government to address with a number of stakeholders and parties, but we believe Yorkshire is well placed to work with the Government and regulators.”

More than 100 MPs have backed an early day motion calling for the Rock to return to mutual status. The Coventry Building Society has also been linked with a possible merger with the Rock.

 
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