Monday, 12 September 2011

Bring back the building societies!

My first husband David the first, was a fairly senior bank manager...When in the early nineties it became possible for all the building societies to become banks he was outraged. Up to then the four big banks held sway and he was very proud of  Nat West  his bank!. When the new rules were introduced he was very very pessimistic! End of the banking system as we know it he said mournfully....one bank will buy up a smaller bank ad infinitum until we are left with the big four again, all owned from abroad...
Now David the first was not always right, sorry love if you are up there on your cloud reading this, but you were not always right but on this one he was spot on.
He would have been dismayed by Nat Wests being taken over by the Royal Bank of Scotland, even more dismayed when it all went pear shaped under the  leadership of Fred the Shred....
This mornings plans for banking including them ring fencing their assets would have been music to his ears I think.
Although David was dismayed this did not stop him from doing a bit of carpet bagging!  He joined all the building societies as they made their hopeful ways into banking....now they have all gone or been bought by Spanish banks!
The original building societies observed the rules of ethical banking...they had been set up by people wanting the working man to have access to banking facilities...
To return to their original rules is I think an un attainable dream.....but some banking regulations back in force would help to resort our confidence!

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